Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-31566 | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1547151 | |
Entity Address, Address Line One | 239 Washington Street | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07302 | |
City Area Code | 732 | |
Local Phone Number | 590-9200 | |
Title of 12(b) Security | Common | |
Trading Symbol | PFS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,374,681 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 296,495 | $ 404,355 |
Short-term investments | 208,794 | 127,998 |
Total cash and cash equivalents | 505,289 | 532,353 |
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
Held to maturity debt securities, net (fair value of $441,888 at September 30, 2021 (unaudited) and $472,529 at December 31, 2020) | 427,039 | 450,965 |
Equity securities, at fair value | 1,267 | 971 |
Federal Home Loan Bank stock | 34,044 | 59,489 |
Total gross loans | 9,554,600 | 9,822,890 |
Less allowance for credit losses | 80,033 | 101,466 |
Net loans | 9,474,567 | 9,721,424 |
Foreclosed assets, net | 1,619 | 4,475 |
Banking premises and equipment, net | 78,329 | 75,946 |
Accrued interest receivable | 40,866 | 46,450 |
Intangible assets | 465,061 | 466,212 |
Bank-owned life insurance | 237,042 | 234,607 |
Other assets | 208,347 | 221,360 |
Total assets | 13,391,943 | 12,919,741 |
Deposits: | ||
Demand deposits | 8,627,487 | 7,395,508 |
Savings deposits | 1,428,630 | 1,348,147 |
Certificates of deposit of $100,000 or more | 345,742 | 717,216 |
Other time deposits | 434,762 | 376,958 |
Total deposits | 10,836,621 | 9,837,829 |
Mortgage escrow deposits | 37,564 | 34,298 |
Borrowed funds | 617,375 | 1,175,972 |
Subordinated debentures | 25,249 | 25,135 |
Other liabilities | 195,710 | 226,710 |
Total liabilities | 11,712,519 | 11,299,944 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 77,226,485 shares outstanding at September 30, 2021 and 77,611,107 outstanding at December 31, 2020 | 832 | 832 |
Additional paid-in capital | 967,203 | 962,453 |
Retained earnings | 794,713 | 718,090 |
Accumulated other comprehensive income | 7,757 | 17,655 |
Treasury stock | (73,172) | (59,018) |
Unallocated common stock held by the Employee Stock Ownership Plan | (17,909) | (20,215) |
Common stock acquired by the Directors' Deferred Fee Plan ("DDFP") | (4,124) | (4,549) |
Deferred Compensation - Directors' Deferred Fee Plan | 4,124 | 4,549 |
Total stockholders’ equity | 1,679,424 | 1,619,797 |
Total liabilities and stockholders’ equity | $ 13,391,943 | $ 12,919,741 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, debt securities | $ 441,888 | $ 472,529 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,209,012 | 83,209,012 |
Common stock, shares outstanding (in shares) | 77,226,485 | 77,611,107 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Real estate secured loans | $ 62,470 | $ 58,897 | $ 187,363 | $ 162,635 |
Commercial loans | 24,454 | 20,622 | 75,770 | 58,238 |
Consumer loans | 3,345 | 4,305 | 10,249 | 12,024 |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 5,877 | 6,321 | 17,211 | 19,669 |
Held to maturity debt securities | 2,638 | 2,836 | 8,122 | 8,661 |
Deposits, Federal funds sold and other short-term investments | 810 | 472 | 1,954 | 1,932 |
Total interest income | 99,594 | 93,453 | 300,669 | 263,159 |
Interest expense: | ||||
Deposits | 6,295 | 7,400 | 20,495 | 26,000 |
Borrowed funds | 1,768 | 3,862 | 7,130 | 13,120 |
Subordinated debt | 303 | 206 | 912 | 206 |
Total interest expense | 8,366 | 11,468 | 28,537 | 39,326 |
Net interest income | 91,228 | 81,985 | 272,132 | 223,833 |
Provision for credit losses | 969 | 6,400 | (24,736) | 32,017 |
Net interest income after provision for credit losses | 90,259 | 75,585 | 296,868 | 191,816 |
Non-interest income: | ||||
Fees | 6,963 | 5,736 | 22,623 | 17,179 |
Wealth management income | 7,921 | 6,847 | 22,914 | 19,075 |
Insurance agency income | 2,433 | 1,711 | 8,009 | 1,711 |
Bank-owned life insurance | 1,880 | 1,644 | 5,970 | 4,290 |
Net gains on securities transactions | 27 | 0 | 257 | 55 |
Other income | 4,138 | 4,688 | 6,383 | 9,672 |
Total non-interest income | 23,362 | 20,626 | 66,156 | 51,982 |
Non-interest expense: | ||||
Compensation and employee benefits | 37,554 | 35,700 | 107,737 | 96,095 |
Net occupancy expense | 7,950 | 6,993 | 25,158 | 19,362 |
Data processing expense | 4,827 | 5,026 | 14,629 | 14,439 |
FDIC insurance | 1,575 | 1,185 | 4,915 | 1,953 |
Amortization of intangibles | 883 | 918 | 2,773 | 2,373 |
Advertising and promotion expense | 783 | 773 | 2,586 | 2,774 |
Credit loss expense (reversal) for off balance sheet credit exposures | 980 | (575) | 2,155 | 5,714 |
Other operating expenses | 8,888 | 9,763 | 28,036 | 26,447 |
Total non-interest expense | 63,440 | 59,783 | 187,989 | 169,157 |
Income before income tax expense | 50,181 | 36,428 | 175,035 | 74,641 |
Income tax expense | 12,913 | 9,285 | 44,417 | 18,257 |
Net income | $ 37,268 | $ 27,143 | $ 130,618 | $ 56,384 |
Basic earnings per share (usd per share) | $ 0.49 | $ 0.37 | $ 1.71 | $ 0.84 |
Weighted average basic shares outstanding (in shares) | 76,604,653 | 72,519,123 | 76,588,549 | 67,093,442 |
Diluted earnings per share (usd per share) | $ 0.49 | $ 0.37 | $ 1.70 | $ 0.84 |
Weighted average diluted shares outstanding (in shares) | 76,685,206 | 72,604,298 | 76,673,563 | 67,173,876 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 37,268 | $ 27,143 | $ 130,618 | $ 56,384 |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | (7,990) | (428) | (14,569) | 15,388 |
Reclassification adjustment for gains included in net income | 0 | 0 | (171) | 0 |
Total | (7,990) | (428) | (14,740) | 15,388 |
Unrealized gains (losses) on derivatives | 1,768 | 880 | 5,165 | (6,117) |
Amortization related to post-retirement obligations | (103) | 85 | (323) | 239 |
Total other comprehensive (loss) income | (6,325) | 537 | (9,898) | 9,510 |
Total comprehensive income | $ 30,943 | $ 27,680 | $ 120,720 | $ 65,894 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | RETAINED EARNINGSCumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE INCOME | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS |
Beginning Balance at Dec. 31, 2019 | $ 1,413,840 | $ (8,311) | $ 832 | $ 1,007,303 | $ 695,273 | $ (8,311) | $ 3,821 | $ (268,504) | $ (24,885) | $ (3,833) | $ 3,833 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 56,384 | 56,384 | |||||||||
Other comprehensive income, net of tax | 9,510 | 9,510 | |||||||||
Cash dividends paid | (49,106) | (49,106) | |||||||||
Acquisition of supplemental director retirement plan | 0 | (1,336) | 1,336 | ||||||||
Distributions from DDFP | 68 | 68 | 503 | (503) | |||||||
Purchases of treasury stock | (7,256) | (7,256) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (974) | (974) | |||||||||
Shares issued dividend reinvestment plan | 451 | 50 | 401 | ||||||||
Stock option exercises | 0 | ||||||||||
Allocation of ESOP shares | 2,127 | (179) | 2,306 | ||||||||
Allocation of SAP shares | 3,866 | 3,866 | |||||||||
Treasury shares issued due to acquisition | 180,828 | (50,387) | 231,215 | ||||||||
Allocation of stock options | 142 | 142 | |||||||||
Ending Balance at Sep. 30, 2020 | 1,601,569 | 832 | 960,863 | 694,240 | 13,331 | (45,118) | (22,579) | (4,666) | 4,666 | ||
Beginning Balance at Jun. 30, 2020 | 1,410,407 | 832 | 1,009,978 | 685,509 | 12,794 | (275,359) | (23,347) | (3,498) | 3,498 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 27,143 | 27,143 | |||||||||
Other comprehensive income, net of tax | 537 | 537 | |||||||||
Cash dividends paid | (18,412) | (18,412) | |||||||||
Acquisition of supplemental director retirement plan | 0 | (1,336) | 1,336 | ||||||||
Distributions from DDFP | 16 | 16 | 168 | (168) | |||||||
Purchases of treasury stock | (961) | (961) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (13) | (13) | |||||||||
Allocation of ESOP shares | 605 | (163) | 768 | ||||||||
Allocation of SAP shares | 1,371 | 1,371 | |||||||||
Treasury shares issued due to acquisition | 180,828 | (50,387) | 231,215 | ||||||||
Allocation of stock options | 48 | 48 | |||||||||
Ending Balance at Sep. 30, 2020 | 1,601,569 | 832 | 960,863 | 694,240 | 13,331 | (45,118) | (22,579) | (4,666) | 4,666 | ||
Beginning Balance at Dec. 31, 2020 | 1,619,797 | 832 | 962,453 | 718,090 | 17,655 | (59,018) | (20,215) | (4,549) | 4,549 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 130,618 | 130,618 | |||||||||
Other comprehensive income, net of tax | (9,898) | (9,898) | |||||||||
Cash dividends paid | (53,995) | (53,995) | |||||||||
Distributions from DDFP | 107 | 107 | 425 | (425) | |||||||
Purchases of treasury stock | (13,913) | (13,913) | |||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (961) | (961) | |||||||||
Stock option exercises | 638 | (82) | 720 | ||||||||
Allocation of ESOP shares | 2,993 | 687 | 2,306 | ||||||||
Allocation of SAP shares | 3,887 | 3,887 | |||||||||
Allocation of stock options | 151 | 151 | |||||||||
Ending Balance at Sep. 30, 2021 | 1,679,424 | 832 | 967,203 | 794,713 | 7,757 | (73,172) | (17,909) | (4,124) | 4,124 | ||
Beginning Balance at Jun. 30, 2021 | 1,677,634 | 832 | 965,470 | 775,235 | 14,082 | (59,307) | (18,678) | (4,213) | 4,213 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 37,268 | 37,268 | |||||||||
Other comprehensive income, net of tax | (6,325) | (6,325) | |||||||||
Cash dividends paid | (17,790) | (17,790) | |||||||||
Distributions from DDFP | 38 | 38 | 89 | (89) | |||||||
Purchases of treasury stock | (13,865) | (13,865) | |||||||||
Allocation of ESOP shares | 994 | 225 | 769 | ||||||||
Allocation of SAP shares | 1,421 | 1,421 | |||||||||
Allocation of stock options | 49 | 49 | |||||||||
Ending Balance at Sep. 30, 2021 | $ 1,679,424 | $ 832 | $ 967,203 | $ 794,713 | $ 7,757 | $ (73,172) | $ (17,909) | $ (4,124) | $ 4,124 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 130,618 | $ 56,384 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 9,531 | 7,799 |
Provision (benefit) charge for credit losses on loans and securities | (24,736) | 32,017 |
Credit loss expense for off-balance sheet credit exposure | 2,155 | 5,714 |
Deferred tax expense (benefit) | 5,323 | (7,531) |
Amortization of operating lease right-of-use assets | 7,559 | 6,565 |
Income on Bank-owned life insurance | (5,970) | (4,290) |
Net amortization of premiums and discounts on securities | 11,032 | 6,881 |
Accretion of net deferred loan fees | (5,019) | (6,079) |
Amortization of premiums on purchased loans, net | 536 | 779 |
Net increase in loans originated for sale | (25,016) | (13,559) |
Proceeds from sales of loans originated for sale | 26,056 | 14,347 |
Proceeds from sales and paydowns of foreclosed assets | 1,368 | 3,491 |
ESOP expense | 2,993 | 2,127 |
Allocation of stock award shares | 3,887 | 3,866 |
Allocation of stock options | 151 | 142 |
Net gain on sale of loans | (1,040) | (788) |
Net gain on securities transactions | (257) | (55) |
Net gain on sale of premises and equipment | (35) | (806) |
Net gain on sale of foreclosed assets | (528) | (859) |
Decrease in accrued interest receivable | 5,584 | 5,989 |
Decrease (increase) in other assets | 10,596 | (145,561) |
(Decrease) increase in other liabilities | (31,000) | 78,047 |
Net cash provided by operating activities | 123,788 | 44,620 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 44,054 | 49,422 |
Purchases of held to maturity debt securities | (21,417) | (31,686) |
Proceeds from sales of securities | 9,442 | 13,905 |
Proceeds from maturities and paydowns of available for sale debt securities | 288,699 | 247,660 |
Purchases of available for sale debt securities | (1,140,182) | (137,879) |
Proceeds from redemption of Federal Home Loan Bank stock | 29,197 | 88,909 |
Purchases of Federal Home Loan Bank stock | (3,752) | (90,370) |
Cash received, net of cash consideration paid for acquisition | 0 | 78,089 |
BOLI claim benefits received | 3,851 | 6,527 |
Purchases of loans | (2,060) | 0 |
Net decrease (increase) in loans | 274,399 | (668,612) |
Proceeds from sales of premises and equipment | 35 | 806 |
Purchases of premises and equipment | (8,348) | (6,977) |
Net cash used in investing activities | (526,082) | (450,206) |
Cash flows from financing activities: | ||
Net increase in deposits | 998,792 | 698,854 |
Increase in mortgage escrow deposits | 3,266 | 706 |
Cash dividends paid to stockholders | (53,995) | (49,106) |
Shares issued dividend reinvestment plan | 0 | 451 |
Purchase of treasury stock | (13,913) | (7,256) |
Purchase of employee restricted shares to fund statutory tax withholding | (961) | (974) |
Stock options exercised | 638 | 0 |
Proceeds from long-term borrowings | 727,985 | 1,810,999 |
Payments on long-term borrowings | (1,275,440) | (1,649,915) |
Net decrease in short-term borrowings | (11,142) | (74,783) |
Net cash provided by financing activities | 375,230 | 728,976 |
Net (decrease) increase in cash and cash equivalents | (27,064) | 323,390 |
Cash and cash equivalents at beginning of period | 532,353 | 186,748 |
Cash and cash equivalents at end of period | 505,289 | 510,138 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 28,266 | 37,506 |
Income taxes | 41,165 | 22,534 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | 434 | 2,516 |
Non-cash assets acquired at fair value: | ||
Investment securities | 0 | 255,242 |
Loans, net | 0 | 1,752,529 |
Bank-owned life insurance | 0 | 37,237 |
Goodwill and other intangible assets | 1,422 | 32,404 |
Bank premises and equipment | 0 | 16,620 |
Other assets | (1,422) | 19,786 |
Total non-cash assets acquired at fair value | 0 | 2,113,818 |
Liabilities assumed | ||
Deposits | 0 | 1,757,777 |
Borrowings and subordinated debt | 0 | 226,656 |
Other Liabilities | 0 | 26,648 |
Total liabilities assumed | 0 | 2,011,081 |
Stock Issued | $ 0 | $ 180,828 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2020 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands, except per share amounts): Three months ended September 30, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 37,268 $ 27,143 Basic earnings per share: Income available to common stockholders $ 37,268 76,604,653 $ 0.49 $ 27,143 72,519,123 $ 0.37 Dilutive shares 80,553 85,175 Diluted earnings per share: Income available to common stockholders $ 37,268 76,685,206 $ 0.49 $ 27,143 72,604,298 $ 0.37 Nine months ended September 30, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 130,618 $ 56,384 Basic earnings per share: Income available to common stockholders $ 130,618 76,588,549 $ 1.71 $ 56,384 67,093,442 $ 0.84 Dilutive shares 85,014 80,434 Diluted earnings per share: Income available to common stockholders $ 130,618 76,673,563 $ 1.70 $ 56,384 67,173,876 $ 0.84 Anti-dilutive stock options and awards at September 30, 2021 and 2020, totaling 830,628 shares and 1.1 million shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the current expected credit loss methodology (“CECL”). The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans. D. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations SB One Bancorp Acquisition On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency, Inc. expanded the Company's product offerings to its customers to include an array of commercial and personal insurance products. Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. (see Goodwill section for further details). The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One, net of cash consideration paid (in thousands): At July 31, 2020 Assets acquired: Cash and cash equivalents, net $ 78,089 Available for sale debt securities 231,645 Held to maturity debt securities 12,381 Federal Home Loan Bank stock 11,216 Loans 1,766,115 Allowance for credit losses on PCD loans (13,586) Loans, net 1,752,529 Bank-owned life insurance 37,237 Banking premises and equipment 16,620 Accrued interest receivable 8,947 Goodwill 22,439 Other intangibles assets 9,965 Foreclosed assets, net 2,441 Other assets 12,199 Total assets acquired $ 2,195,708 Liabilities assumed: Deposits 1,757,777 Borrowed funds 201,582 Subordinated debentures 25,074 Other liabilities 30,447 Total liabilities assumed $ 2,014,880 Net assets acquired $ 180,828 Fair Value Measurement of Assets Assumed and Liabilities Assumed The methods used to determine the fair value of the assets acquired and liabilities assumed in the SB One acquisition were as follows: Securities Available for Sale The estimated fair values of the available for sale debt securities, primarily comprised of U.S. Government agency mortgage-backed securities and U.S. government agencies and municipal bonds carried on SB One's balance sheet was confirmed using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities and a fair value adjustment was not recorded on the investments. Held to Maturity Debt Securities The estimated fair values of the held to maturity debt securities, primarily comprised of municipal bonds, were determined using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities. A fair value premium of $133,000 was recorded on the investments. Loans Loans acquired in the SB One acquisition were recorded at fair value, and there was no carryover related allowance for loan and lease losses. The fair values of loans acquired from SB One were estimated using the discounted cash flow method based on the remaining maturity and repricing terms. Cash flows were adjusted for expected losses and prepayments. Projected cash flows were then discounted to present value based on: the relative risk of the cash flows, taking into account the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and monthly principal and interest cash flows were discounted to present value and summed to arrive at the calculated value of the loans. The fair value of the acquired loans receivable had a gross amortized cost basis of $1.77 billion. For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into pools based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The loans were valued at the sub-pool level and were pooled at the summary level based on loan type. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these market rates was used as the fair value interest rate that a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value premium of $8.4 million. Loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that are current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans in accordance with ASC 326-20. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecasts inclusive of the impact of the COVID-19 pandemic and related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, SB One and peer banks. A $13.6 million allowance for credit losses was recorded on PCD loans. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield amortization or straight line method over the expected life of the loans. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 Banking Premises and Equipment The Company acquired 18 branches from SB One, eight of which were owned premises. The fair value of properties acquired was derived by valuations prepared by an independent third party utilizing the sales comparison approach to value the property as improved. Core Deposit Intangible and Customer Relationship Intangible The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available through national brokered CD offering rates. The projected cash flows were developed using projected deposit attrition rates. The fair value of the customer relationship intangible was determined based on a discounted cash flow analysis using the excess of the future cash inflows (i.e., revenue from existing customer relationships) over the related cash outflows (i.e., operating costs) generated over the useful life of the acquired customer base. These cash flows were discounted to present value using an asset-specific risk-adjusted discount rate. The projected cash flows were developed using projected customer revenue retention rates. The core deposit intangible totaled $3.2 million and is being amortized over its estimated useful life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The insurance agency customer relationship intangible totaled $6.8 million and is being amortized over its estimated useful life of approximately 13 years based on customer revenue attrition on an annualized basis. Goodwill As noted above, the acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired was recorded as goodwill, and initially totaled $22.4 million. The calculation of goodwill was subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. The Company updated certain estimates used in the purchase price allocation, primarily with respect to the marginal tax rate of deferred tax assets (“DTA”). As a result, the fair value of the net assets acquired decreased by $1.4 million. The impact of these measurement period adjustments increased goodwill to $23.9 million. The Company has finalized the purchase price allocation and these measurement period adjustments are recorded as current period adjustments in accordance with ASU 2015-16. Goodwill is not deductible for tax purposes and will be evaluated annually for impairment. Bank Owned Life Insurance ("BOLI") SB One's BOLI cash surrender value was $37.2 million with no fair value adjustment. Time Deposits The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit discount of approximately $4.3 million is being amortized into income on a level yield amortization method over the contractual life of the deposits. Borrowings The fair value of Federal Home Loan Bank of New York ("FHLBNY") advances was determined based on a discounted cash flow analysis using a discount rate commensurate with FHLBNY rates as of July 31, 2020. The cash flows of the advances were projected based on the scheduled payments of the fixed rate of each advance. Subordinated Debentures At the valuation date, SB One had one outstanding Trust Preferred and one subordinated debt issuance with an aggregate balance of $27.5 million . The fair value of Trust Preferred and subordinated debt issuances was determined based on a discounted cash flow analysis using a discount rate commensurate with yields and terms of comparable issuances. The cash flows were projected through the remaining contractual term of the Trust Preferred issuance and based on the call date for the subordinated debt issuance. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At September 30, 2021, the Company had $1.92 billion and $427.0 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 160, compared with 49 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company recorded a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.) Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types: • Agency obligations; • Mortgage-backed securities; • State and municipal obligations; and • Corporate obligations. All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at September 30, 2021 and the Company had two securities rated BBB by Moody’s Investors Service. The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL. Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Amortized Gross Gross Fair U.S. Treasury obligations $ 99,463 184 (125) 99,522 Mortgage-backed securities 1,653,880 20,628 (11,447) 1,663,061 Asset-backed securities 45,989 1,891 — 47,880 State and municipal obligations 68,950 681 (147) 69,484 Corporate obligations 38,131 531 (136) 38,526 $ 1,906,413 23,915 (11,855) 1,918,473 December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 1,001 8 — 1,009 Mortgage-backed securities 910,393 28,872 (852) 938,413 Asset-backed securities 52,295 1,535 — 53,830 State and municipal obligations 69,687 1,666 (95) 71,258 Corporate obligations 40,194 809 (24) 40,979 $ 1,073,570 32,890 (971) 1,105,489 The amortized cost and fair value of available for sale debt securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. September 30, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 56,536 56,576 Due after five years through ten years 84,512 84,999 Due after ten years 65,496 65,957 $ 206,544 207,532 Investments which pay principal on a periodic basis totaling $1.70 billion at amortized cost and $1.71 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. For the three months ended September 30, 2021, no securities were sold or called from the available for sale debt securities portfolio. For the nine months ended September 30, 2021, proceeds from sales on securities in the available for sale debt securities portfolio totaled $9.4 million, with gains of $230,000 and no loss recognized. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the available for sale debt securities portfolio totaled $13.9 million, with no gain or loss recognized. The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross U.S. Treasury obligations $ 49,596 (125) — — 49,596 (125) Mortgage-backed securities 940,975 (11,447) 33 — 941,008 (11,447) State and municipal obligations 24,846 (147) — — 24,846 (147) Corporate obligations 6,710 (136) — — 6,710 (136) $ 1,022,127 (11,855) 33 — 1,022,160 (11,855) December 31, 2020 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 127,600 (824) 8,007 (28) 135,607 (852) State and municipal obligations 5,275 (95) — — 5,275 (95) Corporate obligations — — 2,000 (24) 2,000 (24) $ 132,875 (919) 10,007 (52) 142,882 (971) The number of available for sale debt securities in an unrealized loss position at September 30, 2021 totaled 99, compared with 42 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. At September 30, 2021, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $17,277 and an unrealized loss of $450. This private-label mortgage-backed security was investment grade at September 30, 2021. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Amortized Gross Gross Fair Agency obligations $ 9,996 — (54) 9,942 Mortgage-backed securities 29 1 — 30 State and municipal obligations 407,424 15,485 (589) 422,320 Corporate obligations 9,632 34 (70) 9,596 $ 427,081 15,520 (713) 441,888 At September 30, 2021, the allowance for credit losses on held to maturity debt securities totaled $42,000. December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 7,600 6 (5) 7,601 Mortgage-backed securities 62 2 — 64 State and municipal obligations 433,655 21,442 (58) 455,039 Corporate obligations 9,726 101 (2) 9,825 $ 451,043 21,551 (65) 472,529 At December 31, 2020, the allowance for credit losses on held to maturity debt securities totaled $78,000. The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three and nine months ended September 30, 2021 and 2020. For the three and nine months ended September 30, 2021, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $21.1 million and $34.0 million, respectively. As to these calls on securities, for the three and nine months ended September 30, 2021, there were gross gains of $26,505 and no gross losses. For the three and nine months ended September 30, 2020, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $13.7 million and $39.5 million, respectively. As to these calls on securities, for the three months ended September 30, 2020, there were no gross gains and no gross losses. For the nine months ended September 30, 2020, there were gross gains of 55,000 and no gross losses. The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. September 30, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 160,344 163,784 Due after five years through ten years 201,125 211,120 Due after ten years 65,583 66,954 $ 427,052 441,858 Mortgage-backed securities totaling $29,000 at amortized cost and $30,000 at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Additionally, the allowance for credit losses totaling $42,000 is excluded from the table above. The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 9,942 (54) — — 9,942 (54) State and municipal obligations 31,291 (519) 2,077 (70) 33,368 (589) Corporate obligations 7,221 (70) — — 7,221 (70) $ 48,454 (643) 2,077 (70) 50,531 (713) December 31, 2020 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,995 (5) — — 1,995 (5) State and municipal obligations 4,846 (41) 406 (17) 5,252 (58) Corporate obligations 786 (2) — — 786 (2) $ 7,627 (48) 406 (17) 8,033 (65) The number of held to maturity debt securities in an unrealized loss position at September 30, 2021 totaled 61, compared with 7 at December 31, 2020. The increase in the number of securities in an unrealized loss position at September 30, 2021, was due to higher current market interest rates compared to rates at December 31, 2020. Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2021 (in thousands): September 30, 2021 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 9,996 — — — — 9,996 Mortgage-backed securities 29 — — — — 29 State and municipal obligations 48,348 309,708 48,057 655 656 407,424 Corporate obligations — 2,621 6,986 — 25 9,632 $ 58,373 312,329 55,043 655 681 427,081 December 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,600 — — — — 7,600 Mortgage-backed securities 62 — — — — 62 State and municipal obligations 57,830 311,155 53,302 1,115 10,253 433,655 Corporate obligations — 3,255 6,446 — 25 9,726 $ 65,492 314,410 59,748 1,115 10,278 451,043 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At September 30, 2021, the held to maturity debt securities portfolio was comprised of 14% rated AAA, 73% rated AA, 13% rated A, and less than 1% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated, such as U.S. Government mortgage-backed securities, were grouped where possible under the credit rating of the issuer of the security. At September 30, 2021, the allowance for credit losses on held to maturity debt securities was $42,000, a decrease from $78,000 at December 31, 2020. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.) Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Mortgage loans: Residential $ 1,230,018 1,294,702 Commercial 3,704,684 3,458,666 Multi-family 1,379,773 1,484,515 Construction 685,792 541,939 Total mortgage loans 7,000,267 6,779,822 Commercial loans 2,234,020 2,567,470 Consumer loans 333,741 492,566 Total gross loans 9,568,028 9,839,858 Premiums on purchased loans 1,313 1,566 Unearned discounts (6) (12) Net deferred fees (14,735) (18,522) Total loans $ 9,554,600 9,822,890 In the first quarter of 2021, $101.7 million of loans acquired in the SB One transaction that were previously classified as consumer loans were classified as commercial mortgage loans, following further analysis of the underwriting documents and operational intent of the borrower. These loans are comprised of term loans and lines of credit secured by 1-4 family residential properties that are held by borrowers to generate rental income. The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): September 30, 2021 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 4,667 2,177 7,263 — 14,107 1,215,911 1,230,018 7,263 Commercial 843 — 32,619 — 33,462 3,671,222 3,704,684 22,617 Multi-family 250 — 439 — 689 1,379,084 1,379,773 439 Construction — — 2,967 — 2,967 682,825 685,792 2,967 Total mortgage loans 5,760 2,177 43,288 — 51,225 6,949,042 7,000,267 33,286 Commercial loans 1,668 1,028 21,434 — 24,130 2,209,890 2,234,020 15,159 Consumer loans 2,129 — 1,479 — 3,608 330,133 333,741 1,479 Total gross loans $ 9,557 3,205 66,201 — 78,963 9,489,065 9,568,028 49,924 December 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 15,789 8,852 9,315 — 33,956 1,260,746 1,294,702 9,315 Commercial 761 113 31,982 — 32,856 3,425,810 3,458,666 20,482 Multi-family 206 585 — — 791 1,483,724 1,484,515 — Construction — — 1,392 — 1,392 540,547 541,939 1,392 Total mortgage loans 16,756 9,550 42,689 — 68,995 6,710,827 6,779,822 31,189 Commercial loans 1,658 1,179 42,118 — 44,955 2,522,515 2,567,470 15,541 Consumer loans 4,348 4,519 2,283 — 11,150 481,416 492,566 2,283 Total gross loans $ 22,762 15,248 87,090 — 125,100 9,714,758 9,839,858 49,013 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $66.2 million and $87.1 million at September 30, 2021 and December 31, 2020, respectively. Included in non-accrual loans were $28.5 million and $35.3 million of loans which were less than 90 days past due at September 30, 2021 and December 31, 2020, respectively. There were no loans 90 days or greater past due and still accruing interest at September 30, 2021 and December 31, 2020. Management has elected to measure an allowance for credit losses for accrued interest receivables specifically related to any loan that has been deferred as a result of COVID-19. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for collateral-dependent impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process. At September 30, 2021, there were 159 impaired loans totaling $68.0 million. Included in this total were 111 TDRs related to 107 borrowers totaling $21.8 million that were performing in accordance with their restructured terms and which continued to accrue interest at September 30, 2021. At December 31, 2020, there were 169 impaired loans totaling $86.0 million, of which 135 loans totaling $39.6 million were TDRs. Included in this total were 112 TDRs to 110 borrowers totaling $23.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2020. At September 30, 2021 and December 31, 2020, the Company had $31.7 million and $26.3 million related to the fair value of underlying collateral-dependent impaired loans, respectively. These collateral-dependent impaired loans at September 30, 2021 consisted of $30.1 million in commercial loans, $1.6 million in residential real estate loans, and $75,000 in consumer loans. The collateral for these impaired loans was primarily real estate. The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2021 Balance at beginning of period $ 55,469 21,262 4,228 80,959 Provision charge (benefit) to operations 626 963 (589) 1,000 Recoveries of loans previously charged-off 71 336 140 547 Loans charged-off (2,110) (263) (100) (2,473) Balance at end of period $ 54,056 22,298 3,679 80,033 2020 Balance at beginning of period $ 54,871 25,284 6,104 86,259 Provision charge to operations 2,922 2,767 722 6,411 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Recoveries of loans previously charged-off 35 679 144 858 Loans charged-off (22) (727) (51) (800) Balance at end of period $ 69,790 29,585 6,939 106,314 Nine months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2021 Balance at beginning of period $ 68,307 27,084 6,075 101,466 Provision benefit to operations (11,760) (10,319) (2,621) (24,700) Recoveries of loans previously charged-off 538 6,654 640 7,832 Loans charged-off (3,029) (1,121) (415) (4,565) Balance at end of period $ 54,056 22,298 3,679 80,033 2020 Balance at beginning of period $ 25,511 28,263 1,751 55,525 Provision charge to operations 17,987 12,672 1,352 32,011 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Recoveries of loans previously charged-off 143 1,597 370 2,110 Increase (decrease) due to initial CECL adoption - retained earnings 14,188 (9,974) 3,706 7,920 Loans charged-off (23) (4,555) (260) (4,838) Balance at end of period $ 69,790 29,585 6,939 106,314 As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three and nine months ended September 30, 2021, the Company recorded a $1.0 million provision for credit losses on loans and a $24.7 million negative provision for credit losses on loans, respectively. The reduction in provision for credit losses for three and nine months ended September 30, 2021, compared to the same period in the prior year, was primarily the result of improved asset quality, an improved economic forecast and the resultant favorable impact on expected credit losses, compared to the prior year where the provision for credit losses was based upon a weak economic forecast and a more uncertain outlook attributable to the COVID-19 pandemic. The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following tables summarize loans receivable by portfolio segment and impairment method (in thousands): September 30, 2021 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 50,577 16,177 1,284 68,038 Collectively evaluated for impairment 6,949,690 2,217,843 332,457 9,499,990 Total gross loans $ 7,000,267 2,234,020 333,741 9,568,028 December 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 48,783 35,832 1,431 86,046 Collectively evaluated for impairment 6,731,039 2,531,638 491,135 9,753,812 Total gross loans $ 6,779,822 2,567,470 492,566 9,839,858 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): September 30, 2021 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,574 3,604 57 5,235 Collectively evaluated for impairment 52,482 18,694 3,622 74,798 Total gross loans $ 54,056 22,298 3,679 80,033 December 31, 2020 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 4,220 4,715 39 8,974 Collectively evaluated for impairment 64,087 22,369 6,036 92,492 Total gross loans $ 68,307 27,084 6,075 101,466 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of September 30, 2021 and 2020 (in thousands): For the three months ended September 30, 2021 September 30, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Mortgage loans: Residential 2 $ 375 $ 369 1 $ 91 $ 79 Total mortgage loans 2 375 369 1 91 79 Commercial loans — — — 1 1,399 1,399 Total restructured loans 2 $ 375 $ 369 2 $ 1,490 $ 1,478 For the nine months ended September 30, 2021 September 30, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Mortgage loans: Residential 3 $ 546 $ 538 2 $ 434 $ 360 Total mortgage loans 3 546 538 2 434 360 Commercial loans 4 2,940 2,318 5 2,882 2,791 Total restructured loans 7 $ 3,486 $ 2,856 7 $ 3,316 $ 3,151 All TDRs are impaired loans, which are individually evaluated for impairment. During the three and nine months ended September 30, 2021, $2.1 million and $3.5 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. During the three and nine months ended September 30, 2020, $612,000 and $3.8 million of charge-offs were recorded on collateral-dependent impaired loans, respectively. For the nine months ended September 30, 2021, the allowance for credit losses associated with the TDRs presented in the preceding tables totaled $56,000, and was included in the allowance for credit losses for loans individually evaluated for impairment. For the three and nine months ended September 30, 2021, the TDRs presented in the preceding tables had a weighted average modified interest rate of 3.22% and 4.35%, respectively, compared to a weighted average rate of 4.83% and 4.64% prior to modification, for the three and nine months ended September 30, 2021, respectively. There were no loans which had a payment default (90 days or more past due) for loans modified as TDRs within the 12 month periods ending September 30, 2021 and September 30, 2020. For TDRs that subsequently default, the Company determines the amount of the allowance for the respective loans in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment. As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2020, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. Loans considered to be PCI prior to January 1, 2020 were converted to PCD loans on that date. Any additional loans acquired by the Company after January 1, 2020 that experience more-than-insignificant deterioration in credit quality after origination, will be classified as PCD loans. The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 At September 30, 2021, the balance of PCD loans totaled $259.3 million with a related allowance for credit losses of $12.3 million. The balance of PCD loans at December 31, 2020 was $296.6 million with a related allowance for credit losses of $13.1 million. The following table presents loans individually evaluated for impairment by class and loan category (in thousands): September 30, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,088 9,447 — 9,588 331 13,981 11,380 — 11,587 511 Commercial 26,407 20,277 — 23,012 65 17,414 17,414 — 16,026 60 Multi-family — — — — — — — — — — Construction 2,200 2,190 — 2,148 30 — — — — — Total 40,695 31,914 — 34,748 426 31,395 28,794 — 27,613 571 Commercial loans 9,989 7,461 — 7,760 26 15,895 14,009 — 12,791 46 Consumer loans 1,412 880 — 909 53 1,382 880 — 7 50 Total impaired loans $ 52,096 40,255 — 43,417 505 48,672 43,683 — 40,411 667 Loans with an allowance recorded Mortgage loans: Residential $ 8,113 7,781 860 7,855 198 7,950 7,506 806 7,604 307 Commercial 11,288 10,882 714 11,098 36 14,993 12,483 3,414 123 570 Multi-family — — — — — — — — — — Total 19,401 18,663 1,574 18,953 234 22,943 19,989 4,220 7,727 877 Commercial loans 9,614 8,716 3,604 12,198 221 24,947 21,823 4,715 18,620 311 Consumer loans 423 404 57 411 14 565 551 39 5 20 Total impaired loans $ 29,438 27,783 5,235 31,562 469 48,455 42,363 8,974 26,352 1,208 Total impaired loans Mortgage loans: Residential $ 20,201 17,228 860 17,443 529 21,931 18,886 806 19,191 818 Commercial 37,695 31,159 714 34,110 101 32,407 29,897 3,414 16,149 630 Multi-family — — — — — — — — — — Construction 2,200 2,190 — 2,148 30 — — — — — Total 60,096 50,577 1,574 53,701 660 54,338 48,783 4,220 35,340 1,448 Commercial loans 19,603 16,177 3,604 19,958 247 40,842 35,832 4,715 31,411 357 Consumer loans 1,835 1,284 57 1,320 67 1,947 1,431 39 12 70 Total impaired loans $ 81,534 68,038 5,235 74,979 974 97,127 86,046 8,974 66,763 1,875 Specific allocations of the allowance for credit losses attributable to impaired loans totaled $5.2 million at September 30, 2021 and $9.0 million at December 31, 2020. At September 30, 2021 and December 31, 2020, impaired loans for which there was no related allowance for credit losses totaled $40.3 million and $43.7 million, respectively. The average balance of impaired loans for the nine months ended September 30, 2021 and the twelve months ended December 31, 2020 was $75.0 million and $66.8 million, respectively. Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors. The Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration ("SBA"). As of September 30, 2021, the Company secured 2,066 PPP loans for its customers totaling $681.9 million, which includes both the initial round and the second round of PPP. As of September 30, 2021, 1,521 PPP loans totaling $508.1 million were forgiven. The balance at September 30, 2021 for PPP loans was $173.8 million. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the commercial loan portfolio. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021 and December 31, 2020 (in thousands): Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Residential Special mention $ — — — — 1,211 589 — — 1,800 Substandard — — — 280 483 10,131 — — 10,894 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 280 1,694 10,720 — — 12,694 Pass/Watch 199,446 246,325 121,486 70,897 77,692 501,478 — — 1,217,324 Total residential $ 199,446 246,325 121,486 71,177 79,386 512,198 — — 1,230,018 Commercial Mortgage Special mention $ — 1,797 30,621 28,757 23,089 42,003 1,094 — 127,361 Substandard — — 21 27,507 8,234 54,097 926 — 90,785 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,797 30,642 56,264 31,323 96,100 2,019 — 218,145 Pass/Watch 444,371 596,262 597,957 327,684 424,605 979,094 90,511 26,055 3,486,539 Total commercial mortgage $ 444,371 598,059 628,599 383,948 455,928 1,075,194 92,530 26,055 3,704,684 Multi-family Special mention $ — — 673 — 3,072 279 — — 4,024 Substandard — 439 1,156 — — 1,422 — — 3,017 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 439 1,829 — 3,072 1,701 — — 7,041 Pass/Watch 74,438 303,340 175,132 192,255 138,762 484,289 2,894 1,622 1,372,732 Total multi-family $ 74,438 303,779 176,961 192,255 141,834 485,990 2,894 1,622 1,379,773 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Construction Special mention $ — 1,975 17,622 — 7,300 — — — 26,897 Substandard — — — 2,967 — — — — 2,967 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,975 17,622 2,967 7,300 — — — 29,864 Pass/Watch 114,736 156,051 252,329 124,346 2,110 418 — 5,938 655,928 Total construction $ 114,736 158,026 269,951 127,313 9,410 418 — 5,938 685,792 Total Mortgage Special mention $ — 3,772 48,916 28,757 34,672 42,871 1,094 — 160,082 Substandard — 439 1,177 30,754 8,717 65,650 926 — 107,663 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 4,211 50,093 59,511 43,389 108,521 2,019 — 267,744 Pass/Watch 832,991 1,301,978 1,146,904 715,182 643,169 1,965,279 93,405 33,615 6,732,523 Total Mortgage $ 832,991 1,306,189 1,196,997 774,693 686,558 2,073,800 95,424 33,615 7,000,267 Commercial Special mention $ 1,980 2,818 3,839 3,331 21,391 41,325 3,210 3,465 81,359 Substandard — 89 7,024 5,956 16,050 67,708 20,403 2,534 119,764 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 1,980 2,907 10,863 9,287 37,441 109,033 23,613 5,999 201,122 Pass/Watch 397,519 228,692 182,346 170,359 147,442 514,271 350,255 42,013 2,032,897 Total commercial $ 399,499 231,599 193,209 179,646 184,883 623,304 373,868 48,011 2,234,020 Consumer (1) Special mention $ — — — — — — — — — Substandard — — 17 119 80 1,117 7 63 1,403 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 17 119 80 1,117 7 63 1,403 Pass/Watch 19,260 5,721 26,796 22,511 16,842 106,577 117,533 17,098 332,339 Total consumer $ 19,260 5,721 26,813 22,630 16,922 107,694 117,540 17,162 333,741 Total Loans Special mention $ 1,980 6,590 52,755 32,088 56,063 84,196 4,304 3,465 241,440 Substandard — 528 8,218 36,829 24,847 134,475 21,335 2,597 228,829 Doubtful — — — — — — — — — Loss — Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Total criticized and classified 1,980 7,118 60,973 68,917 80,910 218,671 25,639 6,062 470,270 Pass/Watch 1,249,770 1,536,391 1,356,046 908,052 807,453 2,586,127 561,193 92,727 9,097,759 Total gross loans $ 1,251,750 1,543,509 1,417,019 976,969 888,363 2,804,798 586,832 98,788 9,568,028 (1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Residential Special mention $ — — — — 123 2,759 — — 2,882 Substandard 164 3,375 1,669 2,221 2,184 17,039 — — 26,652 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 164 3,375 1,669 2,221 2,307 19,798 — — 29,534 Pass/Watch 271,858 152,117 93,588 101,943 119,563 526,099 — — 1,265,168 Total residential $ 272,022 155,492 95,257 104,164 121,870 545,897 — — 1,294,702 Commercial Mortgage Special mention $ — 29,268 33,446 22,838 3,041 34,992 — 1,045 124,630 Substandard — 1,905 3,687 21,095 10,185 61,441 — — 98,313 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 31,173 37,133 43,933 13,226 96,433 — 1,045 222,943 Pass/Watch 596,364 600,904 395,280 432,590 302,034 809,779 68,650 30,122 3,235,723 Total commercial mortgage $ 596,364 632,077 432,413 476,523 315,260 906,212 68,650 31,167 3,458,666 Multi-family Special mention $ — 682 19,837 3,117 5,558 300 — 288 29,782 Substandard — — — — — 1,568 — — 1,568 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 682 19,837 3,117 5,558 1,868 — 288 31,350 Pass/Watch 291,995 180,271 187,880 169,310 131,297 486,649 3,418 2,346 1,453,165 Total multi-family $ 291,995 180,953 207,717 172,427 136,855 488,517 3,418 2,633 1,484,515 Construction Special mention $ 1,991 14,508 7,877 — — — — — 24,376 Substandard — — 4,309 615 — — — — 4,924 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 1,991 14,508 12,186 615 — — — — 29,300 Pass/Watch 88,777 236,021 138,190 43,224 1,568 512 — 4,347 512,639 Total construction $ 90,768 250,529 150,376 43,839 1,568 512 — 4,347 541,939 Total Mortgage Special mention $ 1,991 44,458 61,160 25,955 8,722 38,051 — 1,333 181,670 Substandard 164 5,280 9,665 23,931 12,369 80,048 — — 131,457 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 2,155 49,738 70,825 49,886 21,091 118,099 — 1,333 313,127 Pass/Watch 1,248,994 1,169,313 814,938 747,067 554,462 1,823,039 72,067 36,815 6,466,695 Total Mortgage $ 1,251,149 1,219,051 885,763 796,953 575,553 1,941,138 72,067 38,148 6,779,822 Commercial Special mention $ — 6,295 6,038 27,251 9,779 81,355 22,745 3,617 157,080 Substandard — 7,324 2,527 16,139 40,512 41,831 16,738 2,018 127,090 Doubtful — — — — — — 52 — 52 Loss — — — — — — — — — Total criticized and classified — 13,619 8,565 43,390 50,291 123,186 39,536 5,635 284,222 Pass/Watch 695,125 207,400 205,892 179,068 141,925 415,729 397,408 40,700 2,283,247 Total commercial $ 695,125 221,019 214,457 222,458 192,216 538,915 436,944 46,335 2,567,470 Consumer (1) Special mention $ — 3 — 70 28 299 1,304 163 1,867 Substandard 25 49 14 — 2,912 1,230 1,236 1,278 6,744 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 25 52 14 70 2,940 1,529 2,540 1,441 8,611 Pass/Watch 12,746 50,605 54,962 45,698 25,539 143,685 135,839 14,881 483,955 Total consumer $ 12,771 50,657 54,976 45,768 28,479 145,214 138,378 16,323 492,566 Total Loans Special mention $ 1,991 50,756 67,198 53,276 18,529 119,705 24,049 5,113 340,617 Substandard 189 12,653 12,206 40,070 55,793 123,109 17,975 3,296 265,291 Doubtful — — — — — — 52 — 52 Loss — — — — — — — — — Total criticized and classified 2,180 63,409 79,404 93,346 74,322 242,814 42,076 8,410 605,960 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 1,956,865 1,427,318 1,075,792 971,833 721,926 2,382,453 605,314 92,396 9,233,898 Total gross loans $ 1,959,045 1,490,727 1,155,196 1,065,179 796,248 2,625,267 647,390 100,806 9,839,858 (1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Deposits | Deposits Deposits at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Savings $ 1,428,630 1,348,147 Money market 2,461,688 2,245,412 NOW 3,558,816 2,808,637 Non-interest bearing 2,606,983 2,341,459 Certificates of deposit 780,504 1,094,174 Total deposits $ 10,836,621 9,837,829 |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Securities sold under repurchase agreements $ 114,004 99,936 FHLB line of credit — 25,000 FHLB advances 503,371 1,051,036 Total borrowed funds $ 617,375 1,175,972 At September 30, 2021, FHLB advances were at fixed rates and mature between October 2021 and July 2025, and at December 31, 2020, FHLB advances were at fixed rates with maturities between January 2021 and June 2025. These advances are secured by loans receivable under a blanket collateral agreement. Scheduled maturities of FHLB advances at September 30, 2021 are as follows (in thousands): 2021 Due in one year or less $ 347,623 Due after one year through two years 58,589 Due after two years through three years 22,899 Due after three years through four years 74,260 Due after four years through five years — Thereafter — Total FHLB advances $ 503,371 Scheduled maturities of securities sold under repurchase agreements at September 30, 2021 are as follows (in thousands): 2021 Due in one year or less $ 114,004 Due after one year through two years — Due after two years through three years — Due after three years through four years — Due after four years through five years — Thereafter — Total securities sold under repurchase agreements $ 114,004 The following tables set forth certain information as to borrowed funds for the periods ended September 30, 2021 and December 31, 2020 (in thousands): Maximum balance Average balance Weighted average interest rate September 30, 2021 Securities sold under repurchase agreements $ 123,415 112,838 0.05 % FHLB line of credit — 275 0.34 % FHLB advances 941,939 731,127 1.30 December 31, 2020 Securities sold under repurchase agreements $ 115,233 86,194 0.28 % FHLB line of credit 422,000 97,853 1.09 FHLB advances 1,177,083 1,045,282 1.49 Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. At September 30, 2021 and December 31, 2020, available for sale debt securities pledged as collateral for repurchase agreements totaled $129.7 million and $105.1 million, respectively. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 and 2020 includes the following components (in thousands): Three months ended September 30, Nine months ended September 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ — — 8 19 $ — — 26 59 Interest cost 198 250 106 178 594 750 318 534 Expected return on plan assets (807) (737) — — (2,421) (2,211) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 118 174 (267) (62) 354 522 (803) (186) Net periodic (decrease) increase in benefit cost $ (491) (313) (153) 135 $ (1,473) (939) (459) 407 In its consolidated financial statements for the year ended December 31, 2020, the Company previously disclosed that it does not expect to contribute to the pension plan in 2021. As of September 30, 2021, no contributions have been made to the pension plan. The net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 were calculated using the January 1, 2021 pension and other post-retirement benefits actuarial valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting PronouncementsAccounting Pronouncements Not Yet AdoptedASU 2020-04, "Reference Rate Reform (Topic 848)" ("ASU 2020-04") provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. The Company anticipates this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than the extinguishment of the old contract resulting in writing off unamortized fees/costs. In addition, in January 2021 the FASB issued ASU No. 2021-01 “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company is evaluating the impacts of this guidance and has not determined whether LIBOR transition and this guidance will have material effects on the Company's business operations and consolidated financial statements. |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. This new methodology applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of this new standard resulted in the Company recording a $3.2 million increase to the allowance for credit losses on off-balance sheet credit exposures with a corresponding cumulative effect adjustment to decrease retained earnings $2.4 million, net of income taxes. Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses. The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 For the three and nine months ended September 30, 2021, the Company recorded a $980,000 and $2.2 million provision for credit losses for off-balance sheet credit exposures, respectively. For the three and nine months ended September 30, 2020, the Company recorded a $575,000 negative provision for credit losses for off-balance sheet credit exposures and a $5.7 million provision for credit losses for off-balance sheet credit exposures, respectively. The increase for the three months ended September 30, 2021, compared to the prior year was primarily a function of an increase in the pipeline of loans that have been approved and awaiting closing, partially offset by an improved economic forecast resulting in a decline in projected loss factors. The decrease for the nine months ended September 30, 2021, compared to the prior year was primarily a function of an improved economic forecast resulting in a decline in projected loss factors, partially offset by an increase in the pipeline of loans that have been approved and awaiting closing. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, Management utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of September 30, 2021 and December 31, 2020. Available for Sale Debt Securities, at Fair Value For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As Management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, Management compares the prices received from the pricing service to a secondary pricing source. Additionally, Management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of September 30, 2021 and December 31, 2020. Collateral-Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of September 30, 2021 and December 31, 2020. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 99,522 99,522 — — Mortgage-backed securities 1,663,061 — 1,663,061 — Asset-backed securities 47,880 — 47,880 — State and municipal obligations 69,484 — 69,484 — Corporate obligations 38,526 — 38,526 — Total available for sale debt securities 1,918,473 99,522 1,818,951 — Equity securities 1,267 1,267 — — Derivative assets 76,223 — 76,223 — $ 1,995,963 100,789 1,895,174 — Derivative liabilities $ 77,039 — 77,039 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 31,747 — — 31,747 Foreclosed assets 1,619 — — 1,619 $ 33,366 — — 33,366 Fair Value Measurements at Reporting Date Using: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Agency obligations $ 1,009 1,009 — — Mortgage-backed securities 938,413 — 938,413 — Asset-backed securities 53,830 — 53,830 — State and municipal obligations 71,258 — 71,258 — Corporate obligations 40,979 — 40,979 — Total available for sale debt securities 1,105,489 1,009 1,104,480 — Equity Securities 971 971 — — Derivative assets 101,079 — 101,079 — $ 1,207,539 1,980 1,205,559 — Derivative liabilities $ 109,148 — 109,148 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 26,250 — — 26,250 Foreclosed assets 4,475 — — 4,475 $ 30,725 — — 30,725 There were no transfers between Level 1, Level 2 and Level 3 during the three and nine months ended September 30, 2021. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Included in cash and cash equivalents at September 30, 2021 and December 31, 2020 was $47.6 million and $114.3 million, respectively, representing cash collateral pledged to secure loan level swaps and reserves required by banking regulations. Held to Maturity Debt Securities For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The Company classifies these commitments as Level 3 within the fair value hierarchy. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at September 30, 2021 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 505,289 505,289 505,289 — — Available for sale debt securities: U.S. Treasury obligations 99,522 99,522 99,522 — — Agency obligations — — — — — Mortgage-backed securities 1,663,061 1,663,061 — 1,663,061 — Asset-backed securities 47,880 47,880 47,880 State and municipal obligations 69,484 69,484 — 69,484 — Corporate obligations 38,526 38,526 — 38,526 — Total available for sale debt securities $ 1,918,473 1,918,473 99,522 1,818,951 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 9,996 9,942 9,942 — — Mortgage-backed securities 29 30 — 30 — State and municipal obligations 407,397 422,320 — 422,320 — Corporate obligations 9,617 9,596 — 9,596 — Total held to maturity debt securities, net of allowance for credit losses $ 427,039 441,888 9,942 431,946 — FHLBNY stock 34,044 34,044 34,044 — — Equity Securities 1,267 1,267 1,267 — — Loans, net of allowance for credit losses 9,474,567 9,630,317 — — 9,630,317 Derivative assets 76,223 76,223 — 76,223 — Financial liabilities: Deposits other than certificates of deposits $ 10,056,117 10,056,117 10,056,117 — — Certificates of deposit 780,504 782,364 — 782,364 — Total deposits $ 10,836,621 10,838,481 10,056,117 782,364 — Borrowings 617,375 619,821 — 619,821 — Subordinated debentures 25,249 29,548 — 29,548 — Derivative liabilities 77,039 77,039 — 77,039 — Fair Value Measurements at December 31, 2020 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 532,353 532,353 532,353 — — Available for sale debt securities: U.S. Treasury obligations — — — — Agency obligations 1,009 1,009 1,009 — — Mortgage-backed securities 938,413 938,413 — 938,413 — Asset-backed securities 53,830 53,830 53,830 State and municipal obligations 71,258 71,258 — 71,258 — Corporate obligations 40,979 40,979 — 40,979 — Total available for sale debt securities $ 1,105,489 1,105,489 1,009 1,104,480 — Held to maturity debt securities: Agency obligations $ 7,600 7,601 7,601 — — Mortgage-backed securities 62 64 — 64 — State and municipal obligations 433,589 455,039 — 455,039 — Corporate obligations 9,714 9,825 — 9,825 — Total held to maturity debt securities $ 450,965 472,529 7,601 464,928 — FHLBNY stock 59,489 59,489 59,489 — — Equity Securities 971 971 971 — — Loans, net of allowance for credit losses 9,721,424 9,969,330 — — 9,969,330 Derivative assets 101,079 101,079 — 101,079 — Financial liabilities: Deposits other than certificates of deposits $ 8,743,655 8,743,655 8,743,655 — — Certificates of deposit 1,094,174 1,097,993 — 1,097,993 — Total deposits $ 9,837,829 9,841,648 8,743,655 1,097,993 — Borrowings 1,175,972 1,193,024 — 1,193,024 — Subordinated Debt 25,135 24,375 — 24,375 — Derivative liabilities 109,148 109,148 — 109,148 — |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive income, both gross and net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three months ended September 30, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (10,765) 2,775 (7,990) (578) 150 (428) Reclassification adjustment for gains included in net income — — — — — — Total (10,765) 2,775 (7,990) (578) 150 (428) Unrealized gains on derivatives (cash flow hedges) 2,382 (614) 1,768 1,186 (306) 880 Amortization related to post-retirement obligations (138) 35 (103) 115 (30) 85 Total other comprehensive (loss) income $ (8,521) 2,196 (6,325) 723 (186) 537 Nine months ended September 30, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (19,630) 5,061 (14,569) 20,733 (5,345) 15,388 Reclassification adjustment for gains included in net income (230) 59 (171) — — — Total (19,860) 5,120 (14,740) 20,733 (5,345) 15,388 Unrealized gains ( losses) on derivatives (cash flow hedges) 6,959 (1,794) 5,165 (8,242) 2,125 (6,117) Amortization related to post-retirement obligations (435) 112 (323) 322 (83) 239 Total other comprehensive (loss) income $ (13,336) 3,438 (9,898) 12,813 (3,303) 9,510 The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 16,940 (1,301) (1,557) 14,082 24,562 (5,086) (6,682) 12,794 Current - period other comprehensive (loss) income (7,990) (103) 1,768 (6,325) (428) 85 880 537 Balance at September 30, $ 8,950 (1,404) 211 7,757 24,134 (5,001) (5,802) 13,331 Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at December 31, $ 23,690 (1,081) (4,954) 17,655 8,746 (5,240) 315 3,821 Current - period other comprehensive (loss) income (14,740) (323) 5,165 (9,898) 15,388 239 (6,117) 9,510 Balance at September 30, $ 8,950 (1,404) 211 7,757 24,134 (5,001) (5,802) 13,331 The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended September 30, Affected line item in the Consolidated 2021 2020 Details of AOCI: Post-retirement obligations: Amortization of actuarial (losses) gains $ (149) 112 Compensation and employee benefits (1) 38 (27) Income tax expense Total reclassification $ (111) 85 Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the nine months ended September 30, Affected line item in the Consolidated 2021 2020 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ (230) — Net gain on securities transactions 59 — Income tax expense (171) — Net of tax Post-retirement obligations: Amortization of actuarial (losses) gains $ (449) 336 Compensation and employee benefits (1) 119 (97) Income tax expense Total reclassification $ (330) 239 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At September 30, 2021 and December 31, 2020, the Company had 170 and 172 loan related interest rate swaps, respectively, with aggregate notional amounts of $2.55 billion and $2.63 billion, respectively. The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties, and has posted collateral of $650,000 against the potential risk of default by the borrower under these agreements. At September 30, 2021 and December 31, 2020, the Company had 13 credit derivatives, with aggregate notional amounts of $140.7 million and $121.7 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At September 30, 2021 and December 31, 2020, the fair value of these credit derivatives were $106,500 and $97,000, respectively. Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and nine months ended September 30, 2021 and 2020, such derivatives were used to hedge the variable cash outflows associated with borrowings and brokered demand deposits. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $3.3 million will be reclassified as an increase to interest expense. As of September 30, 2021, the Company had 14 outstanding interest rate derivatives with an aggregate notional amount of $600.0 million that were each designated as a cash flow hedge of interest rate risk. The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020 (in thousands): At September 30, 2021 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair value (1) Consolidated Statements of Financial Condition Fair value (1) Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 71,779 Other liabilities 72,947 Credit contracts Other assets 107 Other liabilities 40 Total derivatives not designated as a hedging instrument $ 71,886 72,987 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 4,337 Other liabilities 4,052 Total derivatives designated as a hedging instrument $ 4,337 4,052 At December 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair value (1) Consolidated Statements of Financial Condition Fair value (1) Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 107,652 Other liabilities 109,148 Credit contracts Other assets 97 Other liabilities — Total derivatives not designated as a hedging instrument $ 107,749 109,148 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (6,671) Other liabilities — Total derivatives designated as a hedging instrument $ (6,671) — (1) The fair values related to interest rate products in the above derivative financial instruments tables show the value of assets and liabilities, excluding accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020. The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income September 30, 2021 September 30, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 191 26 Credit contracts Other income (19) 460 Total $ 172 486 Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 1,030 855 Total $ 1,030 855 Gain (loss) recognized in income on derivatives for the nine months ended Consolidated Statements of Income September 30, 2021 September 30, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 268 (1,022) Credit contracts Other income 28 459 Total $ 296 (563) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 2,856 875 Total $ 2,856 875 Assets and liabilities relating to certain financial instruments, including derivatives, may be eligible for offset in the Consolidated Statements of Condition and/or subject to enforceable master netting arrangements or similar agreements. The Company does not offset asset and liabilities under such arrangements in the Consolidated Statements of Condition. The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition at September 30, 2021 and December 31, 2020 (in thousands). Fair Values of Derivative Instruments as of September 30, 2021 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,272,593 Other assets $ 72,511 $ 1,272,593 Other liabilities $ 73,679 Credit contracts 47,712 Other assets 107 92,950 Other liabilities 40 Total derivatives not designated as a hedging instrument 72,618 73,719 Derivatives designated as a hedging instrument: Interest rate products 250,000 Other assets 4,301 350,000 Other liabilities 4,493 Total gross derivative amounts recognized on the balance sheet 76,919 78,212 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 76,919 $ 78,212 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 16,195 $ 16,195 Cash collateral - institutional counterparties (1) — 46,895 Net derivatives not offset $ 60,724 $ 15,122 Fair Values of Derivative Instruments as of December 31, 2020 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,316,163 Other assets $ 108,519 $ 1,316,163 Other liabilities $ 109,957 Credit contracts 47,745 Other assets 97 73,954 Other liabilities 58 Total derivatives not designated as a hedging instrument 108,616 110,015 Derivatives designated as a hedging instrument: Interest rate products 175,000 Other assets 498 425,000 Other liabilities 7,582 Total gross derivative amounts recognized on the balance sheet 109,114 117,597 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 109,114 $ 117,597 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 928 $ 928 Cash collateral - institutional counterparties (1) — 113,620 Net derivatives not offset $ 108,186 $ 3,049 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020. The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations. In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. At September 30, 2021, the Company had four dealer counterparties. The Company had a net liability position with respect to all four of the counterparties. The termination value for this net liability position, which includes accrued interest, was $50.0 million at September 30, 2021. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $46.9 million against its obligations under these agreements. If the Company had breached any of these provisions at September 30, 2021, it could have been required to settle its obligations under the agreements at the termination value. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months and nine months ended September 30, 2021, the out-of-scope revenue related to financial instruments was 81.0% and 82.0% of the Company's total revenue, respectively, compared to 81.9% and 83.5% for the three and nine months ended September 30, 2020, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: wealth management revenue, insurance agency income and banking service charges and other fees. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,921 6,847 22,914 19,075 Insurance agency income 2,433 1,711 8,009 1,711 Banking service charges and other fees: Service charges on deposit accounts 2,910 2,473 7,965 7,520 Debit card and ATM fees 913 1,693 4,789 4,167 Total banking service charges and other fees 3,823 4,166 12,754 11,687 Total in-scope non-interest income 14,177 12,724 43,677 32,473 Total out-of-scope non-interest income 9,185 7,902 22,479 19,509 Total non-interest income $ 23,362 20,626 66,156 51,982 Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed. Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments. Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at the time of transaction or monthly. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, 2021 December 31, 2020 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 48,491 $ 41,142 Lease Liabilities: Operating lease liabilities Other liabilities $ 49,630 $ 42,042 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At September 30, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.1 years and 2.80%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended September 30, 2021 Three months ended September 30, 2020 Lease Costs Operating lease cost $ 2,417 $ 2,303 Variable lease cost 728 754 Total lease cost $ 3,145 $ 3,057 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Lease Costs Operating lease cost $ 7,559 $ 6,565 Variable lease cost 2,247 2,085 Total lease cost $ 9,806 $ 8,650 Cash paid for amounts included in the measurement of lease liabilities: Nine months ended September 30, 2021 Nine months ended September 30, 2020 Operating cash flows from operating leases $ 6,861 $ 6,528 During the three and nine months ended September 30, 2021, the Company added one new lease obligation related to the Company's new office location in Woodbridge, New Jersey. The Company recorded a right-of-use asset and lease liability of $10.0 million for this lease obligation. Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2021 $ 2,081 2022 7,351 2023 7,102 2024 6,720 2025 6,154 Thereafter 27,405 Total future minimum lease payments 56,813 Amounts representing interest 7,183 Present value of net future minimum lease payments $ 49,630 |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, 2021 December 31, 2020 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 48,491 $ 41,142 Lease Liabilities: Operating lease liabilities Other liabilities $ 49,630 $ 42,042 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At September 30, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 9.1 years and 2.80%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended September 30, 2021 Three months ended September 30, 2020 Lease Costs Operating lease cost $ 2,417 $ 2,303 Variable lease cost 728 754 Total lease cost $ 3,145 $ 3,057 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Lease Costs Operating lease cost $ 7,559 $ 6,565 Variable lease cost 2,247 2,085 Total lease cost $ 9,806 $ 8,650 Cash paid for amounts included in the measurement of lease liabilities: Nine months ended September 30, 2021 Nine months ended September 30, 2020 Operating cash flows from operating leases $ 6,861 $ 6,528 During the three and nine months ended September 30, 2021, the Company added one new lease obligation related to the Company's new office location in Woodbridge, New Jersey. The Company recorded a right-of-use asset and lease liability of $10.0 million for this lease obligation. Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2021 $ 2,081 2022 7,351 2023 7,102 2024 6,720 2025 6,154 Thereafter 27,405 Total future minimum lease payments 56,813 Amounts representing interest 7,183 Present value of net future minimum lease payments $ 49,630 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021. |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with the current expected credit loss methodology (“CECL”). The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and nine months ended September 30, 2021, the improved economic outlook and the resulting lower allowance requirements led to reductions to the provisions for credit losses and off-balance sheet credit exposures. See Note 4 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans. |
Goodwill | GoodwillGoodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment once a year. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of July 1, 2021. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2021 and 2020 (dollars in thousands, except per share amounts): Three months ended September 30, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 37,268 $ 27,143 Basic earnings per share: Income available to common stockholders $ 37,268 76,604,653 $ 0.49 $ 27,143 72,519,123 $ 0.37 Dilutive shares 80,553 85,175 Diluted earnings per share: Income available to common stockholders $ 37,268 76,685,206 $ 0.49 $ 27,143 72,604,298 $ 0.37 Nine months ended September 30, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 130,618 $ 56,384 Basic earnings per share: Income available to common stockholders $ 130,618 76,588,549 $ 1.71 $ 56,384 67,093,442 $ 0.84 Dilutive shares 85,014 80,434 Diluted earnings per share: Income available to common stockholders $ 130,618 76,673,563 $ 1.70 $ 56,384 67,173,876 $ 0.84 |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Estimated Fair Vales of Assets and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One, net of cash consideration paid (in thousands): At July 31, 2020 Assets acquired: Cash and cash equivalents, net $ 78,089 Available for sale debt securities 231,645 Held to maturity debt securities 12,381 Federal Home Loan Bank stock 11,216 Loans 1,766,115 Allowance for credit losses on PCD loans (13,586) Loans, net 1,752,529 Bank-owned life insurance 37,237 Banking premises and equipment 16,620 Accrued interest receivable 8,947 Goodwill 22,439 Other intangibles assets 9,965 Foreclosed assets, net 2,441 Other assets 12,199 Total assets acquired $ 2,195,708 Liabilities assumed: Deposits 1,757,777 Borrowed funds 201,582 Subordinated debentures 25,074 Other liabilities 30,447 Total liabilities assumed $ 2,014,880 Net assets acquired $ 180,828 |
Schedule of Fair Value of Loans Acquired in Acquisition | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Amortized Gross Gross Fair U.S. Treasury obligations $ 99,463 184 (125) 99,522 Mortgage-backed securities 1,653,880 20,628 (11,447) 1,663,061 Asset-backed securities 45,989 1,891 — 47,880 State and municipal obligations 68,950 681 (147) 69,484 Corporate obligations 38,131 531 (136) 38,526 $ 1,906,413 23,915 (11,855) 1,918,473 December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 1,001 8 — 1,009 Mortgage-backed securities 910,393 28,872 (852) 938,413 Asset-backed securities 52,295 1,535 — 53,830 State and municipal obligations 69,687 1,666 (95) 71,258 Corporate obligations 40,194 809 (24) 40,979 $ 1,073,570 32,890 (971) 1,105,489 |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at September 30, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. September 30, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 56,536 56,576 Due after five years through ten years 84,512 84,999 Due after ten years 65,496 65,957 $ 206,544 207,532 The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at September 30, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. September 30, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 160,344 163,784 Due after five years through ten years 201,125 211,120 Due after ten years 65,583 66,954 $ 427,052 441,858 |
Available for sale Debt Securities with Temporary Impairment | The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross U.S. Treasury obligations $ 49,596 (125) — — 49,596 (125) Mortgage-backed securities 940,975 (11,447) 33 — 941,008 (11,447) State and municipal obligations 24,846 (147) — — 24,846 (147) Corporate obligations 6,710 (136) — — 6,710 (136) $ 1,022,127 (11,855) 33 — 1,022,160 (11,855) December 31, 2020 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 127,600 (824) 8,007 (28) 135,607 (852) State and municipal obligations 5,275 (95) — — 5,275 (95) Corporate obligations — — 2,000 (24) 2,000 (24) $ 132,875 (919) 10,007 (52) 142,882 (971) |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Amortized Gross Gross Fair Agency obligations $ 9,996 — (54) 9,942 Mortgage-backed securities 29 1 — 30 State and municipal obligations 407,424 15,485 (589) 422,320 Corporate obligations 9,632 34 (70) 9,596 $ 427,081 15,520 (713) 441,888 At September 30, 2021, the allowance for credit losses on held to maturity debt securities totaled $42,000. December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 7,600 6 (5) 7,601 Mortgage-backed securities 62 2 — 64 State and municipal obligations 433,655 21,442 (58) 455,039 Corporate obligations 9,726 101 (2) 9,825 $ 451,043 21,551 (65) 472,529 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Schedule of Unrealized Loss on Investments | The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at September 30, 2021 and December 31, 2020 (in thousands): September 30, 2021 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 9,942 (54) — — 9,942 (54) State and municipal obligations 31,291 (519) 2,077 (70) 33,368 (589) Corporate obligations 7,221 (70) — — 7,221 (70) $ 48,454 (643) 2,077 (70) 50,531 (713) December 31, 2020 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,995 (5) — — 1,995 (5) State and municipal obligations 4,846 (41) 406 (17) 5,252 (58) Corporate obligations 786 (2) — — 786 (2) $ 7,627 (48) 406 (17) 8,033 (65) |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | The following table provides the amortized cost of held to maturity debt securities by credit rating as of September 30, 2021 (in thousands): September 30, 2021 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 9,996 — — — — 9,996 Mortgage-backed securities 29 — — — — 29 State and municipal obligations 48,348 309,708 48,057 655 656 407,424 Corporate obligations — 2,621 6,986 — 25 9,632 $ 58,373 312,329 55,043 655 681 427,081 December 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,600 — — — — 7,600 Mortgage-backed securities 62 — — — — 62 State and municipal obligations 57,830 311,155 53,302 1,115 10,253 433,655 Corporate obligations — 3,255 6,446 — 25 9,726 $ 65,492 314,410 59,748 1,115 10,278 451,043 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Mortgage loans: Residential $ 1,230,018 1,294,702 Commercial 3,704,684 3,458,666 Multi-family 1,379,773 1,484,515 Construction 685,792 541,939 Total mortgage loans 7,000,267 6,779,822 Commercial loans 2,234,020 2,567,470 Consumer loans 333,741 492,566 Total gross loans 9,568,028 9,839,858 Premiums on purchased loans 1,313 1,566 Unearned discounts (6) (12) Net deferred fees (14,735) (18,522) Total loans $ 9,554,600 9,822,890 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): September 30, 2021 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 4,667 2,177 7,263 — 14,107 1,215,911 1,230,018 7,263 Commercial 843 — 32,619 — 33,462 3,671,222 3,704,684 22,617 Multi-family 250 — 439 — 689 1,379,084 1,379,773 439 Construction — — 2,967 — 2,967 682,825 685,792 2,967 Total mortgage loans 5,760 2,177 43,288 — 51,225 6,949,042 7,000,267 33,286 Commercial loans 1,668 1,028 21,434 — 24,130 2,209,890 2,234,020 15,159 Consumer loans 2,129 — 1,479 — 3,608 330,133 333,741 1,479 Total gross loans $ 9,557 3,205 66,201 — 78,963 9,489,065 9,568,028 49,924 December 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 15,789 8,852 9,315 — 33,956 1,260,746 1,294,702 9,315 Commercial 761 113 31,982 — 32,856 3,425,810 3,458,666 20,482 Multi-family 206 585 — — 791 1,483,724 1,484,515 — Construction — — 1,392 — 1,392 540,547 541,939 1,392 Total mortgage loans 16,756 9,550 42,689 — 68,995 6,710,827 6,779,822 31,189 Commercial loans 1,658 1,179 42,118 — 44,955 2,522,515 2,567,470 15,541 Consumer loans 4,348 4,519 2,283 — 11,150 481,416 492,566 2,283 Total gross loans $ 22,762 15,248 87,090 — 125,100 9,714,758 9,839,858 49,013 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2021 Balance at beginning of period $ 55,469 21,262 4,228 80,959 Provision charge (benefit) to operations 626 963 (589) 1,000 Recoveries of loans previously charged-off 71 336 140 547 Loans charged-off (2,110) (263) (100) (2,473) Balance at end of period $ 54,056 22,298 3,679 80,033 2020 Balance at beginning of period $ 54,871 25,284 6,104 86,259 Provision charge to operations 2,922 2,767 722 6,411 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Recoveries of loans previously charged-off 35 679 144 858 Loans charged-off (22) (727) (51) (800) Balance at end of period $ 69,790 29,585 6,939 106,314 Nine months ended September 30, Mortgage loans Commercial loans Consumer loans Total 2021 Balance at beginning of period $ 68,307 27,084 6,075 101,466 Provision benefit to operations (11,760) (10,319) (2,621) (24,700) Recoveries of loans previously charged-off 538 6,654 640 7,832 Loans charged-off (3,029) (1,121) (415) (4,565) Balance at end of period $ 54,056 22,298 3,679 80,033 2020 Balance at beginning of period $ 25,511 28,263 1,751 55,525 Provision charge to operations 17,987 12,672 1,352 32,011 Initial allowance on credit loans related to PCD loans 11,984 1,582 20 13,586 Recoveries of loans previously charged-off 143 1,597 370 2,110 Increase (decrease) due to initial CECL adoption - retained earnings 14,188 (9,974) 3,706 7,920 Loans charged-off (23) (4,555) (260) (4,838) Balance at end of period $ 69,790 29,585 6,939 106,314 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): September 30, 2021 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 1,574 3,604 57 5,235 Collectively evaluated for impairment 52,482 18,694 3,622 74,798 Total gross loans $ 54,056 22,298 3,679 80,033 December 31, 2020 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 4,220 4,715 39 8,974 Collectively evaluated for impairment 64,087 22,369 6,036 92,492 Total gross loans $ 68,307 27,084 6,075 101,466 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following tables summarize loans receivable by portfolio segment and impairment method (in thousands): September 30, 2021 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 50,577 16,177 1,284 68,038 Collectively evaluated for impairment 6,949,690 2,217,843 332,457 9,499,990 Total gross loans $ 7,000,267 2,234,020 333,741 9,568,028 December 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 48,783 35,832 1,431 86,046 Collectively evaluated for impairment 6,731,039 2,531,638 491,135 9,753,812 Total gross loans $ 6,779,822 2,567,470 492,566 9,839,858 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of September 30, 2021 and 2020 (in thousands): For the three months ended September 30, 2021 September 30, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Mortgage loans: Residential 2 $ 375 $ 369 1 $ 91 $ 79 Total mortgage loans 2 375 369 1 91 79 Commercial loans — — — 1 1,399 1,399 Total restructured loans 2 $ 375 $ 369 2 $ 1,490 $ 1,478 For the nine months ended September 30, 2021 September 30, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification Mortgage loans: Residential 3 $ 546 $ 538 2 $ 434 $ 360 Total mortgage loans 3 546 538 2 434 360 Commercial loans 4 2,940 2,318 5 2,882 2,791 Total restructured loans 7 $ 3,486 $ 2,856 7 $ 3,316 $ 3,151 |
Schedule of Fair Value of Loans Acquired in Acquisition | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 |
Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category (in thousands): September 30, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,088 9,447 — 9,588 331 13,981 11,380 — 11,587 511 Commercial 26,407 20,277 — 23,012 65 17,414 17,414 — 16,026 60 Multi-family — — — — — — — — — — Construction 2,200 2,190 — 2,148 30 — — — — — Total 40,695 31,914 — 34,748 426 31,395 28,794 — 27,613 571 Commercial loans 9,989 7,461 — 7,760 26 15,895 14,009 — 12,791 46 Consumer loans 1,412 880 — 909 53 1,382 880 — 7 50 Total impaired loans $ 52,096 40,255 — 43,417 505 48,672 43,683 — 40,411 667 Loans with an allowance recorded Mortgage loans: Residential $ 8,113 7,781 860 7,855 198 7,950 7,506 806 7,604 307 Commercial 11,288 10,882 714 11,098 36 14,993 12,483 3,414 123 570 Multi-family — — — — — — — — — — Total 19,401 18,663 1,574 18,953 234 22,943 19,989 4,220 7,727 877 Commercial loans 9,614 8,716 3,604 12,198 221 24,947 21,823 4,715 18,620 311 Consumer loans 423 404 57 411 14 565 551 39 5 20 Total impaired loans $ 29,438 27,783 5,235 31,562 469 48,455 42,363 8,974 26,352 1,208 Total impaired loans Mortgage loans: Residential $ 20,201 17,228 860 17,443 529 21,931 18,886 806 19,191 818 Commercial 37,695 31,159 714 34,110 101 32,407 29,897 3,414 16,149 630 Multi-family — — — — — — — — — — Construction 2,200 2,190 — 2,148 30 — — — — — Total 60,096 50,577 1,574 53,701 660 54,338 48,783 4,220 35,340 1,448 Commercial loans 19,603 16,177 3,604 19,958 247 40,842 35,832 4,715 31,411 357 Consumer loans 1,835 1,284 57 1,320 67 1,947 1,431 39 12 70 Total impaired loans $ 81,534 68,038 5,235 74,979 974 97,127 86,046 8,974 66,763 1,875 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of September 30, 2021 and December 31, 2020 (in thousands): Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Residential Special mention $ — — — — 1,211 589 — — 1,800 Substandard — — — 280 483 10,131 — — 10,894 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 280 1,694 10,720 — — 12,694 Pass/Watch 199,446 246,325 121,486 70,897 77,692 501,478 — — 1,217,324 Total residential $ 199,446 246,325 121,486 71,177 79,386 512,198 — — 1,230,018 Commercial Mortgage Special mention $ — 1,797 30,621 28,757 23,089 42,003 1,094 — 127,361 Substandard — — 21 27,507 8,234 54,097 926 — 90,785 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,797 30,642 56,264 31,323 96,100 2,019 — 218,145 Pass/Watch 444,371 596,262 597,957 327,684 424,605 979,094 90,511 26,055 3,486,539 Total commercial mortgage $ 444,371 598,059 628,599 383,948 455,928 1,075,194 92,530 26,055 3,704,684 Multi-family Special mention $ — — 673 — 3,072 279 — — 4,024 Substandard — 439 1,156 — — 1,422 — — 3,017 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 439 1,829 — 3,072 1,701 — — 7,041 Pass/Watch 74,438 303,340 175,132 192,255 138,762 484,289 2,894 1,622 1,372,732 Total multi-family $ 74,438 303,779 176,961 192,255 141,834 485,990 2,894 1,622 1,379,773 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Construction Special mention $ — 1,975 17,622 — 7,300 — — — 26,897 Substandard — — — 2,967 — — — — 2,967 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,975 17,622 2,967 7,300 — — — 29,864 Pass/Watch 114,736 156,051 252,329 124,346 2,110 418 — 5,938 655,928 Total construction $ 114,736 158,026 269,951 127,313 9,410 418 — 5,938 685,792 Total Mortgage Special mention $ — 3,772 48,916 28,757 34,672 42,871 1,094 — 160,082 Substandard — 439 1,177 30,754 8,717 65,650 926 — 107,663 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 4,211 50,093 59,511 43,389 108,521 2,019 — 267,744 Pass/Watch 832,991 1,301,978 1,146,904 715,182 643,169 1,965,279 93,405 33,615 6,732,523 Total Mortgage $ 832,991 1,306,189 1,196,997 774,693 686,558 2,073,800 95,424 33,615 7,000,267 Commercial Special mention $ 1,980 2,818 3,839 3,331 21,391 41,325 3,210 3,465 81,359 Substandard — 89 7,024 5,956 16,050 67,708 20,403 2,534 119,764 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 1,980 2,907 10,863 9,287 37,441 109,033 23,613 5,999 201,122 Pass/Watch 397,519 228,692 182,346 170,359 147,442 514,271 350,255 42,013 2,032,897 Total commercial $ 399,499 231,599 193,209 179,646 184,883 623,304 373,868 48,011 2,234,020 Consumer (1) Special mention $ — — — — — — — — — Substandard — — 17 119 80 1,117 7 63 1,403 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — 17 119 80 1,117 7 63 1,403 Pass/Watch 19,260 5,721 26,796 22,511 16,842 106,577 117,533 17,098 332,339 Total consumer $ 19,260 5,721 26,813 22,630 16,922 107,694 117,540 17,162 333,741 Total Loans Special mention $ 1,980 6,590 52,755 32,088 56,063 84,196 4,304 3,465 241,440 Substandard — 528 8,218 36,829 24,847 134,475 21,335 2,597 228,829 Doubtful — — — — — — — — — Loss — Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Total criticized and classified 1,980 7,118 60,973 68,917 80,910 218,671 25,639 6,062 470,270 Pass/Watch 1,249,770 1,536,391 1,356,046 908,052 807,453 2,586,127 561,193 92,727 9,097,759 Total gross loans $ 1,251,750 1,543,509 1,417,019 976,969 888,363 2,804,798 586,832 98,788 9,568,028 (1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Residential Special mention $ — — — — 123 2,759 — — 2,882 Substandard 164 3,375 1,669 2,221 2,184 17,039 — — 26,652 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 164 3,375 1,669 2,221 2,307 19,798 — — 29,534 Pass/Watch 271,858 152,117 93,588 101,943 119,563 526,099 — — 1,265,168 Total residential $ 272,022 155,492 95,257 104,164 121,870 545,897 — — 1,294,702 Commercial Mortgage Special mention $ — 29,268 33,446 22,838 3,041 34,992 — 1,045 124,630 Substandard — 1,905 3,687 21,095 10,185 61,441 — — 98,313 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 31,173 37,133 43,933 13,226 96,433 — 1,045 222,943 Pass/Watch 596,364 600,904 395,280 432,590 302,034 809,779 68,650 30,122 3,235,723 Total commercial mortgage $ 596,364 632,077 432,413 476,523 315,260 906,212 68,650 31,167 3,458,666 Multi-family Special mention $ — 682 19,837 3,117 5,558 300 — 288 29,782 Substandard — — — — — 1,568 — — 1,568 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 682 19,837 3,117 5,558 1,868 — 288 31,350 Pass/Watch 291,995 180,271 187,880 169,310 131,297 486,649 3,418 2,346 1,453,165 Total multi-family $ 291,995 180,953 207,717 172,427 136,855 488,517 3,418 2,633 1,484,515 Construction Special mention $ 1,991 14,508 7,877 — — — — — 24,376 Substandard — — 4,309 615 — — — — 4,924 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 1,991 14,508 12,186 615 — — — — 29,300 Pass/Watch 88,777 236,021 138,190 43,224 1,568 512 — 4,347 512,639 Total construction $ 90,768 250,529 150,376 43,839 1,568 512 — 4,347 541,939 Total Mortgage Special mention $ 1,991 44,458 61,160 25,955 8,722 38,051 — 1,333 181,670 Substandard 164 5,280 9,665 23,931 12,369 80,048 — — 131,457 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 2,155 49,738 70,825 49,886 21,091 118,099 — 1,333 313,127 Pass/Watch 1,248,994 1,169,313 814,938 747,067 554,462 1,823,039 72,067 36,815 6,466,695 Total Mortgage $ 1,251,149 1,219,051 885,763 796,953 575,553 1,941,138 72,067 38,148 6,779,822 Commercial Special mention $ — 6,295 6,038 27,251 9,779 81,355 22,745 3,617 157,080 Substandard — 7,324 2,527 16,139 40,512 41,831 16,738 2,018 127,090 Doubtful — — — — — — 52 — 52 Loss — — — — — — — — — Total criticized and classified — 13,619 8,565 43,390 50,291 123,186 39,536 5,635 284,222 Pass/Watch 695,125 207,400 205,892 179,068 141,925 415,729 397,408 40,700 2,283,247 Total commercial $ 695,125 221,019 214,457 222,458 192,216 538,915 436,944 46,335 2,567,470 Consumer (1) Special mention $ — 3 — 70 28 299 1,304 163 1,867 Substandard 25 49 14 — 2,912 1,230 1,236 1,278 6,744 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 25 52 14 70 2,940 1,529 2,540 1,441 8,611 Pass/Watch 12,746 50,605 54,962 45,698 25,539 143,685 135,839 14,881 483,955 Total consumer $ 12,771 50,657 54,976 45,768 28,479 145,214 138,378 16,323 492,566 Total Loans Special mention $ 1,991 50,756 67,198 53,276 18,529 119,705 24,049 5,113 340,617 Substandard 189 12,653 12,206 40,070 55,793 123,109 17,975 3,296 265,291 Doubtful — — — — — — 52 — 52 Loss — — — — — — — — — Total criticized and classified 2,180 63,409 79,404 93,346 74,322 242,814 42,076 8,410 605,960 Gross Loans Held by Investment by Year of Origination 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 1,956,865 1,427,318 1,075,792 971,833 721,926 2,382,453 605,314 92,396 9,233,898 Total gross loans $ 1,959,045 1,490,727 1,155,196 1,065,179 796,248 2,625,267 647,390 100,806 9,839,858 (1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Deposits | Deposits at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Savings $ 1,428,630 1,348,147 Money market 2,461,688 2,245,412 NOW 3,558,816 2,808,637 Non-interest bearing 2,606,983 2,341,459 Certificates of deposit 780,504 1,094,174 Total deposits $ 10,836,621 9,837,829 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at September 30, 2021 and December 31, 2020 are summarized as follows (in thousands): September 30, 2021 December 31, 2020 Securities sold under repurchase agreements $ 114,004 99,936 FHLB line of credit — 25,000 FHLB advances 503,371 1,051,036 Total borrowed funds $ 617,375 1,175,972 |
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances at September 30, 2021 are as follows (in thousands): 2021 Due in one year or less $ 347,623 Due after one year through two years 58,589 Due after two years through three years 22,899 Due after three years through four years 74,260 Due after four years through five years — Thereafter — Total FHLB advances $ 503,371 |
Scheduled Maturities of Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements at September 30, 2021 are as follows (in thousands): 2021 Due in one year or less $ 114,004 Due after one year through two years — Due after two years through three years — Due after three years through four years — Due after four years through five years — Thereafter — Total securities sold under repurchase agreements $ 114,004 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the periods ended September 30, 2021 and December 31, 2020 (in thousands): Maximum balance Average balance Weighted average interest rate September 30, 2021 Securities sold under repurchase agreements $ 123,415 112,838 0.05 % FHLB line of credit — 275 0.34 % FHLB advances 941,939 731,127 1.30 December 31, 2020 Securities sold under repurchase agreements $ 115,233 86,194 0.28 % FHLB line of credit 422,000 97,853 1.09 FHLB advances 1,177,083 1,045,282 1.49 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Increase) | Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and nine months ended September 30, 2021 and 2020 includes the following components (in thousands): Three months ended September 30, Nine months ended September 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2021 2020 2021 2020 2021 2020 2021 2020 Service cost $ — — 8 19 $ — — 26 59 Interest cost 198 250 106 178 594 750 318 534 Expected return on plan assets (807) (737) — — (2,421) (2,211) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 118 174 (267) (62) 354 522 (803) (186) Net periodic (decrease) increase in benefit cost $ (491) (313) (153) 135 $ (1,473) (939) (459) 407 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact of the January 1, 2020 adoption of CECL on the allowance for credit losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of September 30, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: September 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: U.S. Treasury obligations $ 99,522 99,522 — — Mortgage-backed securities 1,663,061 — 1,663,061 — Asset-backed securities 47,880 — 47,880 — State and municipal obligations 69,484 — 69,484 — Corporate obligations 38,526 — 38,526 — Total available for sale debt securities 1,918,473 99,522 1,818,951 — Equity securities 1,267 1,267 — — Derivative assets 76,223 — 76,223 — $ 1,995,963 100,789 1,895,174 — Derivative liabilities $ 77,039 — 77,039 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 31,747 — — 31,747 Foreclosed assets 1,619 — — 1,619 $ 33,366 — — 33,366 Fair Value Measurements at Reporting Date Using: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Agency obligations $ 1,009 1,009 — — Mortgage-backed securities 938,413 — 938,413 — Asset-backed securities 53,830 — 53,830 — State and municipal obligations 71,258 — 71,258 — Corporate obligations 40,979 — 40,979 — Total available for sale debt securities 1,105,489 1,009 1,104,480 — Equity Securities 971 971 — — Derivative assets 101,079 — 101,079 — $ 1,207,539 1,980 1,205,559 — Derivative liabilities $ 109,148 — 109,148 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 26,250 — — 26,250 Foreclosed assets 4,475 — — 4,475 $ 30,725 — — 30,725 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of September 30, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at September 30, 2021 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 505,289 505,289 505,289 — — Available for sale debt securities: U.S. Treasury obligations 99,522 99,522 99,522 — — Agency obligations — — — — — Mortgage-backed securities 1,663,061 1,663,061 — 1,663,061 — Asset-backed securities 47,880 47,880 47,880 State and municipal obligations 69,484 69,484 — 69,484 — Corporate obligations 38,526 38,526 — 38,526 — Total available for sale debt securities $ 1,918,473 1,918,473 99,522 1,818,951 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 9,996 9,942 9,942 — — Mortgage-backed securities 29 30 — 30 — State and municipal obligations 407,397 422,320 — 422,320 — Corporate obligations 9,617 9,596 — 9,596 — Total held to maturity debt securities, net of allowance for credit losses $ 427,039 441,888 9,942 431,946 — FHLBNY stock 34,044 34,044 34,044 — — Equity Securities 1,267 1,267 1,267 — — Loans, net of allowance for credit losses 9,474,567 9,630,317 — — 9,630,317 Derivative assets 76,223 76,223 — 76,223 — Financial liabilities: Deposits other than certificates of deposits $ 10,056,117 10,056,117 10,056,117 — — Certificates of deposit 780,504 782,364 — 782,364 — Total deposits $ 10,836,621 10,838,481 10,056,117 782,364 — Borrowings 617,375 619,821 — 619,821 — Subordinated debentures 25,249 29,548 — 29,548 — Derivative liabilities 77,039 77,039 — 77,039 — Fair Value Measurements at December 31, 2020 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 532,353 532,353 532,353 — — Available for sale debt securities: U.S. Treasury obligations — — — — Agency obligations 1,009 1,009 1,009 — — Mortgage-backed securities 938,413 938,413 — 938,413 — Asset-backed securities 53,830 53,830 53,830 State and municipal obligations 71,258 71,258 — 71,258 — Corporate obligations 40,979 40,979 — 40,979 — Total available for sale debt securities $ 1,105,489 1,105,489 1,009 1,104,480 — Held to maturity debt securities: Agency obligations $ 7,600 7,601 7,601 — — Mortgage-backed securities 62 64 — 64 — State and municipal obligations 433,589 455,039 — 455,039 — Corporate obligations 9,714 9,825 — 9,825 — Total held to maturity debt securities $ 450,965 472,529 7,601 464,928 — FHLBNY stock 59,489 59,489 59,489 — — Equity Securities 971 971 971 — — Loans, net of allowance for credit losses 9,721,424 9,969,330 — — 9,969,330 Derivative assets 101,079 101,079 — 101,079 — Financial liabilities: Deposits other than certificates of deposits $ 8,743,655 8,743,655 8,743,655 — — Certificates of deposit 1,094,174 1,097,993 — 1,097,993 — Total deposits $ 9,837,829 9,841,648 8,743,655 1,097,993 — Borrowings 1,175,972 1,193,024 — 1,193,024 — Subordinated Debt 25,135 24,375 — 24,375 — Derivative liabilities 109,148 109,148 — 109,148 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income, both gross and net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three months ended September 30, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (10,765) 2,775 (7,990) (578) 150 (428) Reclassification adjustment for gains included in net income — — — — — — Total (10,765) 2,775 (7,990) (578) 150 (428) Unrealized gains on derivatives (cash flow hedges) 2,382 (614) 1,768 1,186 (306) 880 Amortization related to post-retirement obligations (138) 35 (103) 115 (30) 85 Total other comprehensive (loss) income $ (8,521) 2,196 (6,325) 723 (186) 537 Nine months ended September 30, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (19,630) 5,061 (14,569) 20,733 (5,345) 15,388 Reclassification adjustment for gains included in net income (230) 59 (171) — — — Total (19,860) 5,120 (14,740) 20,733 (5,345) 15,388 Unrealized gains ( losses) on derivatives (cash flow hedges) 6,959 (1,794) 5,165 (8,242) 2,125 (6,117) Amortization related to post-retirement obligations (435) 112 (323) 322 (83) 239 Total other comprehensive (loss) income $ (13,336) 3,438 (9,898) 12,813 (3,303) 9,510 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 16,940 (1,301) (1,557) 14,082 24,562 (5,086) (6,682) 12,794 Current - period other comprehensive (loss) income (7,990) (103) 1,768 (6,325) (428) 85 880 537 Balance at September 30, $ 8,950 (1,404) 211 7,757 24,134 (5,001) (5,802) 13,331 Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains (Losses) on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at December 31, $ 23,690 (1,081) (4,954) 17,655 8,746 (5,240) 315 3,821 Current - period other comprehensive (loss) income (14,740) (323) 5,165 (9,898) 15,388 239 (6,117) 9,510 Balance at September 30, $ 8,950 (1,404) 211 7,757 24,134 (5,001) (5,802) 13,331 |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended September 30, Affected line item in the Consolidated 2021 2020 Details of AOCI: Post-retirement obligations: Amortization of actuarial (losses) gains $ (149) 112 Compensation and employee benefits (1) 38 (27) Income tax expense Total reclassification $ (111) 85 Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the nine months ended September 30, Affected line item in the Consolidated 2021 2020 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ (230) — Net gain on securities transactions 59 — Income tax expense (171) — Net of tax Post-retirement obligations: Amortization of actuarial (losses) gains $ (449) 336 Compensation and employee benefits (1) 119 (97) Income tax expense Total reclassification $ (330) 239 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 7. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at September 30, 2021 and December 31, 2020 (in thousands): At September 30, 2021 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair value (1) Consolidated Statements of Financial Condition Fair value (1) Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 71,779 Other liabilities 72,947 Credit contracts Other assets 107 Other liabilities 40 Total derivatives not designated as a hedging instrument $ 71,886 72,987 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 4,337 Other liabilities 4,052 Total derivatives designated as a hedging instrument $ 4,337 4,052 At December 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair value (1) Consolidated Statements of Financial Condition Fair value (1) Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 107,652 Other liabilities 109,148 Credit contracts Other assets 97 Other liabilities — Total derivatives not designated as a hedging instrument $ 107,749 109,148 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (6,671) Other liabilities — Total derivatives designated as a hedging instrument $ (6,671) — (1) The fair values related to interest rate products in the above derivative financial instruments tables show the value of assets and liabilities, excluding accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020. |
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and nine months ended September 30, 2021 and 2020 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income September 30, 2021 September 30, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 191 26 Credit contracts Other income (19) 460 Total $ 172 486 Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 1,030 855 Total $ 1,030 855 Gain (loss) recognized in income on derivatives for the nine months ended Consolidated Statements of Income September 30, 2021 September 30, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 268 (1,022) Credit contracts Other income 28 459 Total $ 296 (563) Derivatives designated as a hedging instrument: Interest rate products Interest expense $ 2,856 875 Total $ 2,856 875 |
Offsetting Assets | Fair Values of Derivative Instruments as of September 30, 2021 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,272,593 Other assets $ 72,511 $ 1,272,593 Other liabilities $ 73,679 Credit contracts 47,712 Other assets 107 92,950 Other liabilities 40 Total derivatives not designated as a hedging instrument 72,618 73,719 Derivatives designated as a hedging instrument: Interest rate products 250,000 Other assets 4,301 350,000 Other liabilities 4,493 Total gross derivative amounts recognized on the balance sheet 76,919 78,212 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 76,919 $ 78,212 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 16,195 $ 16,195 Cash collateral - institutional counterparties (1) — 46,895 Net derivatives not offset $ 60,724 $ 15,122 Fair Values of Derivative Instruments as of December 31, 2020 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,316,163 Other assets $ 108,519 $ 1,316,163 Other liabilities $ 109,957 Credit contracts 47,745 Other assets 97 73,954 Other liabilities 58 Total derivatives not designated as a hedging instrument 108,616 110,015 Derivatives designated as a hedging instrument: Interest rate products 175,000 Other assets 498 425,000 Other liabilities 7,582 Total gross derivative amounts recognized on the balance sheet 109,114 117,597 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 109,114 $ 117,597 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 928 $ 928 Cash collateral - institutional counterparties (1) — 113,620 Net derivatives not offset $ 108,186 $ 3,049 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020. |
Offsetting Liabilities | Fair Values of Derivative Instruments as of September 30, 2021 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,272,593 Other assets $ 72,511 $ 1,272,593 Other liabilities $ 73,679 Credit contracts 47,712 Other assets 107 92,950 Other liabilities 40 Total derivatives not designated as a hedging instrument 72,618 73,719 Derivatives designated as a hedging instrument: Interest rate products 250,000 Other assets 4,301 350,000 Other liabilities 4,493 Total gross derivative amounts recognized on the balance sheet 76,919 78,212 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 76,919 $ 78,212 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 16,195 $ 16,195 Cash collateral - institutional counterparties (1) — 46,895 Net derivatives not offset $ 60,724 $ 15,122 Fair Values of Derivative Instruments as of December 31, 2020 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (2) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,316,163 Other assets $ 108,519 $ 1,316,163 Other liabilities $ 109,957 Credit contracts 47,745 Other assets 97 73,954 Other liabilities 58 Total derivatives not designated as a hedging instrument 108,616 110,015 Derivatives designated as a hedging instrument: Interest rate products 175,000 Other assets 498 425,000 Other liabilities 7,582 Total gross derivative amounts recognized on the balance sheet 109,114 117,597 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 109,114 $ 117,597 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ 928 $ 928 Cash collateral - institutional counterparties (1) — 113,620 Net derivatives not offset $ 108,186 $ 3,049 (1) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of the cash collateral cannot reduce the net derivative position below zero. Therefore, excess cash collateral, if any, is not reflected above. (2) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended September 30, 2021 and December 31, 2020. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,921 6,847 22,914 19,075 Insurance agency income 2,433 1,711 8,009 1,711 Banking service charges and other fees: Service charges on deposit accounts 2,910 2,473 7,965 7,520 Debit card and ATM fees 913 1,693 4,789 4,167 Total banking service charges and other fees 3,823 4,166 12,754 11,687 Total in-scope non-interest income 14,177 12,724 43,677 32,473 Total out-of-scope non-interest income 9,185 7,902 22,479 19,509 Total non-interest income $ 23,362 20,626 66,156 51,982 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at September 30, 2021 and December 31, 2020 (in thousands): Classification September 30, 2021 December 31, 2020 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 48,491 $ 41,142 Lease Liabilities: Operating lease liabilities Other liabilities $ 49,630 $ 42,042 |
Schedule of Supplemental Cash Flow and Other information Related to Leases | The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended September 30, 2021 Three months ended September 30, 2020 Lease Costs Operating lease cost $ 2,417 $ 2,303 Variable lease cost 728 754 Total lease cost $ 3,145 $ 3,057 Nine months ended September 30, 2021 Nine months ended September 30, 2020 Lease Costs Operating lease cost $ 7,559 $ 6,565 Variable lease cost 2,247 2,085 Total lease cost $ 9,806 $ 8,650 Cash paid for amounts included in the measurement of lease liabilities: Nine months ended September 30, 2021 Nine months ended September 30, 2020 Operating cash flows from operating leases $ 6,861 $ 6,528 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2021 $ 2,081 2022 7,351 2023 7,102 2024 6,720 2025 6,154 Thereafter 27,405 Total future minimum lease payments 56,813 Amounts representing interest 7,183 Present value of net future minimum lease payments $ 49,630 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Net income | $ 37,268 | $ 27,143 | $ 130,618 | $ 56,384 |
Basic earnings per share: | ||||
Income available to common stockholders, basic | $ 37,268 | $ 27,143 | $ 130,618 | $ 56,384 |
Weighted average common shares outstanding, basic (in shares) | 76,604,653 | 72,519,123 | 76,588,549 | 67,093,442 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.49 | $ 0.37 | $ 1.71 | $ 0.84 |
Dilutive shares (in shares) | 80,553 | 85,175 | 85,014 | 80,434 |
Diluted earnings per share: | ||||
Income available to common stockholders, diluted | $ 37,268 | $ 27,143 | $ 130,618 | $ 56,384 |
Weighted average common shares outstanding, diluted (in shares) | 76,685,206 | 72,604,298 | 76,673,563 | 67,173,876 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.49 | $ 0.37 | $ 1.70 | $ 0.84 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 830,628 | 1,100,000 |
Business Combinations - SB One
Business Combinations - SB One Bancorp Acquisition Narrative (Details) $ in Thousands | Jul. 31, 2020USD ($)branchofficeshares | Sep. 30, 2021USD ($) | Jul. 31, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | |||||||||
Fair value of acquired loans at July 31, 2020 | $ 1,766,115 | ||||||||
Fair value premium | $ 8,400 | ||||||||
Allowance for credit losses | $ 80,033 | $ 80,959 | $ 101,466 | $ 106,314 | $ 86,259 | $ 55,525 | $ 55,525 | ||
Number of branches acquired | branch | 18 | ||||||||
Number of branches owned | branch | 8 | ||||||||
Subordinated debentures | $ 25,249 | $ 25,135 | |||||||
SB One Bancorp | |||||||||
Business Acquisition [Line Items] | |||||||||
Business combination assets acquired | $ 2,195,708 | ||||||||
Number of banking offices | office | 18 | ||||||||
Common stock portion, number of SB One Bancorp stock for each share of company common stock converted | shares | 1.357 | ||||||||
Total common stock issued (in shares) | shares | 12,800,000 | ||||||||
Total cost of acquisition | $ 180,800 | ||||||||
Goodwill | 22,439 | $ 22,400 | |||||||
Fair value premium | 133 | ||||||||
Allowance for credit losses | 13,600 | ||||||||
Decrease in fair value of net assets acquired | 1,400 | ||||||||
Goodwill, measurement period adjustment | 23,900 | ||||||||
Bank-owned life insurance | 37,200 | ||||||||
Time deposit discount | 4,300 | ||||||||
Subordinated debentures | 27,500 | ||||||||
SB One Bancorp | Core Deposits | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset | $ 3,200 | ||||||||
Estimated useful life | 10 years | ||||||||
SB One Bancorp | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Intangible asset | $ 6,800 | ||||||||
Estimated useful life | 13 years | ||||||||
SB One Bancorp | Loans | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair value of acquired loans at July 31, 2020 | $ 1,770,000 | ||||||||
SB One Bancorp | Deposits | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair value of acquired loans at July 31, 2020 | $ 1,760,000 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of the Assets Acquired and the Liabilities Assumed (Details) - SB One Bancorp - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Assets acquired | ||
Cash and cash equivalents, net | $ 78,089 | |
Available for sale debt securities | 231,645 | |
Held to maturity debt securities | 12,381 | |
Federal Home Loan Bank stock | 11,216 | |
Loans | 1,766,115 | |
Allowance for credit losses on PCD loans | (13,586) | |
Loans, net | 1,752,529 | |
Bank-owned life insurance | 37,237 | |
Banking premises and equipment | 16,620 | |
Accrued interest receivable | 8,947 | |
Goodwill | $ 22,400 | 22,439 |
Other intangibles assets | 9,965 | |
Foreclosed assets, net | 2,441 | |
Other assets | 12,199 | |
Total assets acquired | 2,195,708 | |
Liabilities assumed | ||
Deposits | 1,757,777 | |
Borrowed funds | 201,582 | |
Subordinated debentures | 25,074 | |
Other liabilities | 30,447 | |
Total liabilities assumed | 2,014,880 | |
Net assets acquired | $ 180,828 |
Business Combinations - Fair Va
Business Combinations - Fair Value Adjustments Made to the Amortized Cost (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||
Gross amortized cost basis at July 31, 2020 | $ 1,787,057 | ||
Interest rate fair value adjustment on all loans | 455 | ||
Credit fair value adjustment on non-PCD loans | (21,397) | ||
Fair value of acquired loans at July 31, 2020 | 1,766,115 | ||
Allowance for credit losses on PCD loans | (13,586) | ||
Loans, net | $ 1,752,529 | $ 0 | $ 1,752,529 |
Business Combinations - Summary
Business Combinations - Summary of PCD Loans (Details) - SB One Bancorp $ in Thousands | Jul. 31, 2020USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis at July 31, 2020 | $ 315,784 |
Interest component of expected cash flows (accretable difference) | (7,988) |
Allowance for credit losses on PCD loans | (13,586) |
Net PCD loans | $ 294,210 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)securityposition | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)securityposition | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)securityposition | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Available for sale debt securities, at fair value | $ 1,918,473,000 | $ 1,918,473,000 | $ 1,105,489,000 | ||||
Held to maturity debt securities | $ 427,039,000 | $ 427,039,000 | $ 450,965,000 | ||||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 160 | 160 | 49 | ||||
Held-to-maturity, debt securities, allowance | $ 42,000 | $ 42,000 | $ 78,000 | $ 0 | |||
Retained earnings | 794,713,000 | 794,713,000 | $ 718,090,000 | ||||
Investments which pay principal on periodic basis, amortized cost | 1,700,000,000 | 1,700,000,000 | |||||
Investments which pay principal on periodic basis, fair value | 1,710,000,000 | 1,710,000,000 | |||||
Proceeds from sales of securities | $ 0 | $ 13,900,000 | 9,400,000 | $ 13,900,000 | |||
Gain recognized on sale of securities | 0 | 230,000 | 0 | ||||
Loss recognized on sale of securities | 0 | $ 0 | 0 | ||||
Securities available for sale, number of securities in an unrealized loss position | position | 99 | 99 | 42 | ||||
Debt Securities, available-for-sale, amortized cost | $ 1,906,413,000 | $ 1,906,413,000 | $ 1,073,570,000 | ||||
Unrealized loss | 11,855,000 | 11,855,000 | $ 971,000 | ||||
Proceeds from sale of held-to-maturity securities | 0 | 0 | 0 | 0 | |||
Held to maturity securities, proceeds from calls | 21,100,000 | 13,700,000 | 34,000,000 | 39,500,000 | |||
Held to maturity securities, recognized gain on calls | 26,505 | 0 | 26,505 | 55,000 | |||
Held to maturity securities, recognized loss on calls | $ 0 | $ 0 | $ 0 | $ 0 | |||
Number of securities in an unrealized loss position | security | 61 | 61 | 7 | ||||
AAA | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amount of total portfolio | 14.00% | ||||||
AA | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amount of total portfolio | 73.00% | ||||||
A | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amount of total portfolio | 13.00% | ||||||
A rated or not rated | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Amount of total portfolio | 1.00% | ||||||
Private Label Mortgage-Backed Securities | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Securities available for sale, number of securities in an unrealized loss position | position | 1 | 1 | |||||
Debt Securities, available-for-sale, amortized cost | $ 17,277,000 | $ 17,277,000 | |||||
Unrealized loss | 450,000 | 450,000 | |||||
Accounting Standards Update 2016-13 | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Held-to-maturity, debt securities, allowance | $ 70,000 | ||||||
Accounting Standards Update 2016-13, Effect On Debt Securities | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Retained earnings | $ 52,000 | ||||||
Mortgage-backed securities | |||||||
Schedule of Held-to-maturity Securities [Line Items] | |||||||
Available for sale debt securities, at fair value | 1,663,061,000 | 1,663,061,000 | $ 938,413,000 | ||||
Held-to-maturity, debt securities, allowance | 42,000 | 42,000 | |||||
Debt Securities, available-for-sale, amortized cost | 1,653,880,000 | 1,653,880,000 | 910,393,000 | ||||
Unrealized loss | 11,447,000 | 11,447,000 | $ 852,000 | ||||
Mortgage-based securities, amortized cost | 29,000 | 29,000 | |||||
Mortgage-based securities, fair value | $ 30,000 | $ 30,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,906,413 | $ 1,073,570 |
Gross unrealized gains | 23,915 | 32,890 |
Gross unrealized losses | (11,855) | (971) |
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 99,463 | |
Gross unrealized gains | 184 | |
Gross unrealized losses | (125) | |
Available for sale debt securities, at fair value | 99,522 | |
Agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,001 | |
Gross unrealized gains | 8 | |
Gross unrealized losses | 0 | |
Available for sale debt securities, at fair value | 1,009 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,653,880 | 910,393 |
Gross unrealized gains | 20,628 | 28,872 |
Gross unrealized losses | (11,447) | (852) |
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 45,989 | 52,295 |
Gross unrealized gains | 1,891 | 1,535 |
Gross unrealized losses | 0 | 0 |
Available for sale debt securities, at fair value | 47,880 | 53,830 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 68,950 | 69,687 |
Gross unrealized gains | 681 | 1,666 |
Gross unrealized losses | (147) | (95) |
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 38,131 | 40,194 |
Gross unrealized gains | 531 | 809 |
Gross unrealized losses | (136) | (24) |
Available for sale debt securities, at fair value | $ 38,526 | $ 40,979 |
Investment Securities (Availabl
Investment Securities (Available for Sale by Contractual Maturity) (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 56,536 |
Due after five years through ten years, amortized cost | 84,512 |
Due after ten years, amortized cost | 65,496 |
Amortized cost | 206,544 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 56,576 |
Due after five years through ten years, fair value | 84,999 |
Due after ten years, fair value | 65,957 |
Fair value | $ 207,532 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 1,022,127 | $ 132,875 |
Less than 12 months, gross unrealized losses | (11,855) | (919) |
12 months or longer, fair value | 33 | 10,007 |
12 months or longer, gross unrealized losses | 0 | (52) |
Total, fair value | 1,022,160 | 142,882 |
Total, gross unrealized losses | (11,855) | (971) |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 49,596 | |
Less than 12 months, gross unrealized losses | (125) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 49,596 | |
Total, gross unrealized losses | (125) | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 940,975 | 127,600 |
Less than 12 months, gross unrealized losses | (11,447) | (824) |
12 months or longer, fair value | 33 | 8,007 |
12 months or longer, gross unrealized losses | 0 | (28) |
Total, fair value | 941,008 | 135,607 |
Total, gross unrealized losses | (11,447) | (852) |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 24,846 | 5,275 |
Less than 12 months, gross unrealized losses | (147) | (95) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 24,846 | 5,275 |
Total, gross unrealized losses | (147) | (95) |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 6,710 | 0 |
Less than 12 months, gross unrealized losses | (136) | 0 |
12 months or longer, fair value | 0 | 2,000 |
12 months or longer, gross unrealized losses | 0 | (24) |
Total, fair value | 6,710 | 2,000 |
Total, gross unrealized losses | $ (136) | $ (24) |
Investment Securities (Held to
Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 427,081 | $ 451,043 |
Gross unrealized gains | 15,520 | 21,551 |
Gross unrealized losses | (713) | (65) |
Held-to-maturity, debt securities | 441,888 | 472,529 |
Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,996 | 7,600 |
Gross unrealized gains | 0 | 6 |
Gross unrealized losses | (54) | (5) |
Held-to-maturity, debt securities | 9,942 | 7,601 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 29 | 62 |
Gross unrealized gains | 1 | 2 |
Gross unrealized losses | 0 | 0 |
Held-to-maturity, debt securities | 30 | 64 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 407,424 | 433,655 |
Gross unrealized gains | 15,485 | 21,442 |
Gross unrealized losses | (589) | (58) |
Held-to-maturity, debt securities | 422,320 | 455,039 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,632 | 9,726 |
Gross unrealized gains | 34 | 101 |
Gross unrealized losses | (70) | (2) |
Held-to-maturity, debt securities | $ 9,596 | $ 9,825 |
Investment Securities (Securi_2
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 160,344 |
Due after five years through ten years, amortized cost | 201,125 |
Due after ten years, amortized cost | 65,583 |
Amortized cost | 427,052 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 163,784 |
Due after five years through ten years, fair value | 211,120 |
Due after ten years, fair value | 66,954 |
Fair value | $ 441,858 |
Investment Securities (ASU 2016
Investment Securities (ASU 2016-13 Adoption Impact) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | $ 42 | $ 78 | $ 0 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | $ 70 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | 70 | |||
Corporate obligations | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | 0 | |||
Corporate obligations | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | 6 | |||
Corporate obligations | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | 6 | |||
Municipal securities | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | $ 0 | |||
Municipal securities | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | 64 | |||
Municipal securities | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity, debt securities, allowance | $ 64 |
Investment Securities (Disclo_2
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 48,454 | $ 7,627 |
Less than 12 months, gross unrealized losses | (643) | (48) |
12 months or longer, fair value | 2,077 | 406 |
12 months or longer, gross unrealized losses | (70) | (17) |
Total, fair value | 50,531 | 8,033 |
Total, gross unrealized losses | (713) | (65) |
Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 9,942 | 1,995 |
Less than 12 months, gross unrealized losses | (54) | (5) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 9,942 | 1,995 |
Total, gross unrealized losses | (54) | (5) |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 31,291 | 4,846 |
Less than 12 months, gross unrealized losses | (519) | (41) |
12 months or longer, fair value | 2,077 | 406 |
12 months or longer, gross unrealized losses | (70) | (17) |
Total, fair value | 33,368 | 5,252 |
Total, gross unrealized losses | (589) | (58) |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 7,221 | 786 |
Less than 12 months, gross unrealized losses | (70) | (2) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 7,221 | 786 |
Total, gross unrealized losses | $ (70) | $ (2) |
Investment Securities (Amortize
Investment Securities (Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 427,081 | $ 451,043 |
Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,996 | 7,600 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 29 | 62 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 407,424 | 433,655 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,632 | 9,726 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 58,373 | 65,492 |
AAA | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,996 | 7,600 |
AAA | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 29 | 62 |
AAA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 48,348 | 57,830 |
AAA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 312,329 | 314,410 |
AA | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 309,708 | 311,155 |
AA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,621 | 3,255 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 55,043 | 59,748 |
A | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
A | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
A | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 48,057 | 53,302 |
A | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,986 | 6,446 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 655 | 1,115 |
BBB | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 655 | 1,115 |
BBB | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 681 | 10,278 |
Not Rated | Agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 656 | 10,253 |
Not Rated | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 25 | $ 25 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Narrative) (Detail) | Dec. 31, 2020USD ($)loanborrower | Jul. 30, 2020loanborrower | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowance for credit losses | $ 101,466,000 | $ 80,033,000 | $ 106,314,000 | $ 80,033,000 | $ 106,314,000 | $ 101,466,000 | $ 80,959,000 | $ 86,259,000 | $ 55,525,000 | $ 55,525,000 | |||
Retained earnings | (718,090,000) | (794,713,000) | (794,713,000) | (718,090,000) | |||||||||
Total gross loans | 9,822,890,000 | 9,554,600,000 | 9,554,600,000 | 9,822,890,000 | |||||||||
Principal amount of nonaccrual loans | 87,100,000 | 66,200,000 | 66,200,000 | 87,100,000 | |||||||||
Loans less than 90 days past due | $ 35,300,000 | $ 28,500,000 | $ 28,500,000 | $ 35,300,000 | |||||||||
Number of loans 90 days past due and still accruing | loan | 0 | 0 | 0 | 0 | |||||||||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | $ 1,000,000 | |||||||||||
Impaired loans number | loan | 169 | 159 | |||||||||||
Impaired loans | $ 86,046,000 | 68,038,000 | 68,038,000 | $ 86,046,000 | |||||||||
Number of troubled debt restructurings | loan | 135 | 111 | |||||||||||
Number of borrowers | borrower | 107 | ||||||||||||
Troubled debt restructurings | $ 39,600,000 | 39,600,000 | |||||||||||
Collateral-dependent impaired loans | 26,300,000 | 31,700,000 | 31,700,000 | 26,300,000 | |||||||||
Provision for credit losses | 969,000 | 6,400,000 | (24,736,000) | 32,017,000 | |||||||||
Charge off, impaired loan | $ 2,100,000 | 612,000,000 | $ 3,500,000 | $ 3,800,000 | |||||||||
Weighted average modified interest rate | 3.22% | 4.35% | |||||||||||
Weighted average prior modification rate | 4.83% | 4.64% | |||||||||||
Number of payment defaults for loans modified as TDRs | loan | 0 | 0 | |||||||||||
Purchased credit-impaired loans | 746,000 | 746,000 | |||||||||||
Allowances for loan losses | 8,974,000 | $ 5,235,000 | $ 5,235,000 | 8,974,000 | |||||||||
Impaired financing receivable with no related allowance | $ 43,700,000 | $ 40,300,000 | 40,300,000 | 43,700,000 | |||||||||
Average balance of impaired loans | $ 74,979,000 | 66,763,000 | |||||||||||
Number of PPP loans | loan | 2,066 | 2,066 | |||||||||||
Paycheck protection program | $ 681,900,000 | $ 681,900,000 | |||||||||||
Number of loans forgiven | loan | 1,521 | 1,521 | |||||||||||
Paycheck protection program, amount forgiven | $ 508,100,000 | $ 508,100,000 | |||||||||||
Paycheck protection program, amount outstanding | 173,800,000 | 173,800,000 | |||||||||||
Performing Financial Instruments | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Number of troubled debt restructurings | loan | 112 | ||||||||||||
Number of borrowers | borrower | 110 | ||||||||||||
Troubled debt restructurings | $ 23,100,000 | 21,800,000 | 21,800,000 | 23,100,000 | |||||||||
Purchased credit-impaired (PCI) loans | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowance for credit losses | 13,100,000 | 12,300,000 | 12,300,000 | 13,100,000 | |||||||||
Total gross loans | 296,600,000 | 259,300,000 | 259,300,000 | 296,600,000 | |||||||||
SB One Bancorp | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowance for credit losses | $ 13,600,000 | ||||||||||||
Consumer Loan | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Collateral-dependent impaired loans | 75,000 | 75,000 | |||||||||||
Commercial Loan | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Collateral-dependent impaired loans | 30,100,000 | 30,100,000 | |||||||||||
Residential Real Estate | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Collateral-dependent impaired loans | 1,600,000 | 1,600,000 | |||||||||||
Impaired Loans Troubled Debt Restructurings | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowances for loan losses | 56,000 | ||||||||||||
Commercial Loans | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowance for credit losses | 27,084,000 | 22,298,000 | $ 29,585,000 | 22,298,000 | $ 29,585,000 | 27,084,000 | $ 21,262,000 | $ 25,284,000 | 28,263,000 | $ 28,263,000 | |||
Impaired loans | 35,832,000 | 16,177,000 | 16,177,000 | 35,832,000 | |||||||||
Allowances for loan losses | $ 4,715,000 | $ 3,604,000 | 3,604,000 | 4,715,000 | |||||||||
Average balance of impaired loans | $ 19,958,000 | $ 31,411,000 | |||||||||||
Commercial Loans | SB One Bancorp | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Total gross loans | $ 101,700,000 | ||||||||||||
Accounting Standards Update 2016-13 | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Allowance for credit losses | 7,900,000 | ||||||||||||
Accounting Standards Update 2016-13, Effect On Loans Receivable | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Retained earnings | $ 5,900,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 9,568,028 | $ 9,839,858 |
Premiums on purchased loans | 1,313 | 1,566 |
Unearned discounts | (6) | (12) |
Net deferred fees | (14,735) | (18,522) |
Total gross loans | 9,554,600 | 9,822,890 |
Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,230,018 | 1,294,702 |
Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 3,704,684 | 3,458,666 |
Multi-Family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,379,773 | 1,484,515 |
Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 685,792 | 541,939 |
Mortgage Portfolio Segment | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 7,000,267 | 6,779,822 |
Mortgage Portfolio Segment | Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,230,018 | 1,294,702 |
Mortgage Portfolio Segment | Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 3,704,684 | 3,458,666 |
Mortgage Portfolio Segment | Multi-Family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,379,773 | 1,484,515 |
Mortgage Portfolio Segment | Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 685,792 | 541,939 |
Commercial Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,234,020 | 2,567,470 |
Consumer Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 333,741 | $ 492,566 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 9,568,028 | $ 9,839,858 |
Non-accrual | 66,201 | 87,090 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 78,963 | 125,100 |
Non-accrual loans with no related allowance | 49,924 | 49,013 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,230,018 | 1,294,702 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,704,684 | 3,458,666 |
Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,379,773 | 1,484,515 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 685,792 | 541,939 |
30 to 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 9,557 | 22,762 |
60 to 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,205 | 15,248 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 9,489,065 | 9,714,758 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,000,267 | 6,779,822 |
Non-accrual | 43,288 | 42,689 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 51,225 | 68,995 |
Non-accrual loans with no related allowance | 33,286 | 31,189 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,230,018 | 1,294,702 |
Non-accrual | 7,263 | 9,315 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 14,107 | 33,956 |
Non-accrual loans with no related allowance | 7,263 | 9,315 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,704,684 | 3,458,666 |
Non-accrual | 32,619 | 31,982 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 33,462 | 32,856 |
Non-accrual loans with no related allowance | 22,617 | 20,482 |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,379,773 | 1,484,515 |
Non-accrual | 439 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 689 | 791 |
Non-accrual loans with no related allowance | 439 | 0 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 685,792 | 541,939 |
Non-accrual | 2,967 | 1,392 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 2,967 | 1,392 |
Non-accrual loans with no related allowance | 2,967 | 1,392 |
Mortgage Portfolio Segment | 30 to 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 5,760 | 16,756 |
Mortgage Portfolio Segment | 30 to 59 Days | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,667 | 15,789 |
Mortgage Portfolio Segment | 30 to 59 Days | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 843 | 761 |
Mortgage Portfolio Segment | 30 to 59 Days | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 250 | 206 |
Mortgage Portfolio Segment | 30 to 59 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | 60 to 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,177 | 9,550 |
Mortgage Portfolio Segment | 60 to 89 Days | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,177 | 8,852 |
Mortgage Portfolio Segment | 60 to 89 Days | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 113 |
Mortgage Portfolio Segment | 60 to 89 Days | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 585 |
Mortgage Portfolio Segment | 60 to 89 Days | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 6,949,042 | 6,710,827 |
Mortgage Portfolio Segment | Current | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,215,911 | 1,260,746 |
Mortgage Portfolio Segment | Current | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,671,222 | 3,425,810 |
Mortgage Portfolio Segment | Current | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,379,084 | 1,483,724 |
Mortgage Portfolio Segment | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 682,825 | 540,547 |
Commercial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,234,020 | 2,567,470 |
Non-accrual | 21,434 | 42,118 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 24,130 | 44,955 |
Non-accrual loans with no related allowance | 15,159 | 15,541 |
Commercial Loans | 30 to 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,668 | 1,658 |
Commercial Loans | 60 to 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,028 | 1,179 |
Commercial Loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,209,890 | 2,522,515 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 333,741 | 492,566 |
Non-accrual | 1,479 | 2,283 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 3,608 | 11,150 |
Non-accrual loans with no related allowance | 1,479 | 2,283 |
Consumer Loans | 30 to 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,129 | 4,348 |
Consumer Loans | 60 to 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 4,519 |
Consumer Loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 330,133 | $ 481,416 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 80,959 | $ 86,259 | $ 101,466 | $ 55,525 |
Provision charge (benefit) to operations | 1,000 | 6,411 | (24,700) | 32,011 |
Initial allowance on credit loans related to PCD loans | 13,586 | 13,586 | ||
Recoveries of loans previously charged-off | 547 | 858 | 7,832 | 2,110 |
Increase (decrease) due to the initial adoption of CECL - Retained earnings | 7,920 | |||
Loans charged-off | (2,473) | (800) | (4,565) | (4,838) |
Balance at end of period | 80,033 | 106,314 | 80,033 | 106,314 |
Mortgage Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 55,469 | 54,871 | 68,307 | 25,511 |
Provision charge (benefit) to operations | 626 | 2,922 | (11,760) | 17,987 |
Initial allowance on credit loans related to PCD loans | 11,984 | 11,984 | ||
Recoveries of loans previously charged-off | 71 | 35 | 538 | 143 |
Increase (decrease) due to the initial adoption of CECL - Retained earnings | 14,188 | |||
Loans charged-off | (2,110) | (22) | (3,029) | (23) |
Balance at end of period | 54,056 | 69,790 | 54,056 | 69,790 |
Commercial Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 21,262 | 25,284 | 27,084 | 28,263 |
Provision charge (benefit) to operations | 963 | 2,767 | (10,319) | 12,672 |
Initial allowance on credit loans related to PCD loans | 1,582 | 1,582 | ||
Recoveries of loans previously charged-off | 336 | 679 | 6,654 | 1,597 |
Increase (decrease) due to the initial adoption of CECL - Retained earnings | (9,974) | |||
Loans charged-off | (263) | (727) | (1,121) | (4,555) |
Balance at end of period | 22,298 | 29,585 | 22,298 | 29,585 |
Consumer Loans | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 4,228 | 6,104 | 6,075 | 1,751 |
Provision charge (benefit) to operations | (589) | 722 | (2,621) | 1,352 |
Initial allowance on credit loans related to PCD loans | 20 | 20 | ||
Recoveries of loans previously charged-off | 140 | 144 | 640 | 370 |
Increase (decrease) due to the initial adoption of CECL - Retained earnings | 3,706 | |||
Loans charged-off | (100) | (51) | (415) | (260) |
Balance at end of period | $ 3,679 | $ 6,939 | $ 3,679 | $ 6,939 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Impact of ASC 326 Adoption) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | $ 80,033 | $ 80,959 | $ 101,466 | $ 106,314 | $ 86,259 | $ 55,525 | $ 55,525 |
Mortgage Portfolio | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 25,511 | ||||||
Mortgage Portfolio | Residential | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 3,414 | ||||||
Mortgage Portfolio | Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 12,831 | ||||||
Mortgage Portfolio | Multifamily | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 3,374 | ||||||
Mortgage Portfolio | Construction | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 5,892 | ||||||
Commercial Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 22,298 | 21,262 | 27,084 | 29,585 | 25,284 | 28,263 | 28,263 |
Consumer Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | $ 3,679 | $ 4,228 | $ 6,075 | $ 6,939 | $ 6,104 | 1,751 | $ 1,751 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 63,445 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 39,739 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Residential | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 8,950 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 17,118 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Multifamily | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 9,519 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Construction | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 4,152 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 18,254 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 5,452 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 7,920 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 14,228 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Residential | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 5,536 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Commercial | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 4,287 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Multifamily | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | 6,145 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Construction | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | (1,740) | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Commercial Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | (10,009) | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Consumer Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses | $ 3,701 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 68,038 | $ 86,046 |
Collectively evaluated for impairment | 9,499,990 | 9,753,812 |
Total gross loans | 9,568,028 | 9,839,858 |
Mortgage Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 50,577 | 48,783 |
Collectively evaluated for impairment | 6,949,690 | 6,731,039 |
Total gross loans | 7,000,267 | 6,779,822 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 16,177 | 35,832 |
Collectively evaluated for impairment | 2,217,843 | 2,531,638 |
Total gross loans | 2,234,020 | 2,567,470 |
Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 1,284 | 1,431 |
Collectively evaluated for impairment | 332,457 | 491,135 |
Total gross loans | $ 333,741 | $ 492,566 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | $ 5,235 | $ 8,974 | |||||
Collectively evaluated for impairment | 74,798 | 92,492 | |||||
Total gross loans | 80,033 | $ 80,959 | 101,466 | $ 106,314 | $ 86,259 | $ 55,525 | $ 55,525 |
Mortgage Portfolio Segment | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 1,574 | 4,220 | |||||
Collectively evaluated for impairment | 52,482 | 64,087 | |||||
Total gross loans | 54,056 | 55,469 | 68,307 | 69,790 | 54,871 | 25,511 | |
Commercial Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 3,604 | 4,715 | |||||
Collectively evaluated for impairment | 18,694 | 22,369 | |||||
Total gross loans | 22,298 | 21,262 | 27,084 | 29,585 | 25,284 | 28,263 | 28,263 |
Consumer Loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Individually evaluated for impairment | 57 | 39 | |||||
Collectively evaluated for impairment | 3,622 | 6,036 | |||||
Total gross loans | $ 3,679 | $ 4,228 | $ 6,075 | $ 6,939 | $ 6,104 | $ 1,751 | $ 1,751 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | 7 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 375 | $ 1,490 | $ 3,486 | $ 3,316 |
Post-Modification Outstanding Recorded Investment | $ 369 | $ 1,478 | $ 2,856 | $ 3,151 |
Mortgage Portfolio | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 1 | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 375 | $ 91 | $ 546 | $ 434 |
Post-Modification Outstanding Recorded Investment | $ 369 | $ 79 | $ 538 | $ 360 |
Mortgage Portfolio | Residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 1 | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 375 | $ 91 | $ 546 | $ 434 |
Post-Modification Outstanding Recorded Investment | $ 369 | $ 79 | $ 538 | $ 360 |
Commercial Loan | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 4 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,399 | $ 2,940 | $ 2,882 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,399 | $ 2,318 | $ 2,791 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (Summary of PCD Loans) (Detail) - SB One Bancorp $ in Thousands | Jul. 31, 2020USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Gross amortized cost basis at July 31, 2020 | $ 315,784 |
Interest component of expected cash flows (accretable difference) | (7,988) |
Fair value of PCD loans | 307,796 |
Allowance for credit losses on PCD loans | (13,586) |
Net PCD loans | $ 294,210 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Summary of Impaired Loans Receivable by Class) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | $ 52,096 | $ 48,672 |
Loans with no related allowance, Recorded Investment | 40,255 | 43,683 |
Loans with no related allowance, Average Recorded Investment | 43,417 | 40,411 |
Loans with no related allowance, Interest Income Recognized | 505 | 667 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 29,438 | 48,455 |
Loans with an allowance recorded, Recorded Investment | 27,783 | 42,363 |
Loans with an allowance recorded, Average Recorded Investment | 31,562 | 26,352 |
Loans with an allowance recorded, Interest Income Recognized | 469 | 1,208 |
Total impaired loans | ||
Unpaid Principal Balance | 81,534 | 97,127 |
Recorded Investment | 68,038 | 86,046 |
Related Allowance | 5,235 | 8,974 |
Average Recorded Investment | 74,979 | 66,763 |
Interest Income Recognized | 974 | 1,875 |
Mortgage Portfolio Segment | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 40,695 | 31,395 |
Loans with no related allowance, Recorded Investment | 31,914 | 28,794 |
Loans with no related allowance, Average Recorded Investment | 34,748 | 27,613 |
Loans with no related allowance, Interest Income Recognized | 426 | 571 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 19,401 | 22,943 |
Loans with an allowance recorded, Recorded Investment | 18,663 | 19,989 |
Loans with an allowance recorded, Average Recorded Investment | 18,953 | 7,727 |
Loans with an allowance recorded, Interest Income Recognized | 234 | 877 |
Total impaired loans | ||
Unpaid Principal Balance | 60,096 | 54,338 |
Recorded Investment | 50,577 | 48,783 |
Related Allowance | 1,574 | 4,220 |
Average Recorded Investment | 53,701 | 35,340 |
Interest Income Recognized | 660 | 1,448 |
Mortgage Portfolio Segment | Residential | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 12,088 | 13,981 |
Loans with no related allowance, Recorded Investment | 9,447 | 11,380 |
Loans with no related allowance, Average Recorded Investment | 9,588 | 11,587 |
Loans with no related allowance, Interest Income Recognized | 331 | 511 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 8,113 | 7,950 |
Loans with an allowance recorded, Recorded Investment | 7,781 | 7,506 |
Loans with an allowance recorded, Average Recorded Investment | 7,855 | 7,604 |
Loans with an allowance recorded, Interest Income Recognized | 198 | 307 |
Total impaired loans | ||
Unpaid Principal Balance | 20,201 | 21,931 |
Recorded Investment | 17,228 | 18,886 |
Related Allowance | 860 | 806 |
Average Recorded Investment | 17,443 | 19,191 |
Interest Income Recognized | 529 | 818 |
Mortgage Portfolio Segment | Commercial | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 26,407 | 17,414 |
Loans with no related allowance, Recorded Investment | 20,277 | 17,414 |
Loans with no related allowance, Average Recorded Investment | 23,012 | 16,026 |
Loans with no related allowance, Interest Income Recognized | 65 | 60 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 11,288 | 14,993 |
Loans with an allowance recorded, Recorded Investment | 10,882 | 12,483 |
Loans with an allowance recorded, Average Recorded Investment | 11,098 | 123 |
Loans with an allowance recorded, Interest Income Recognized | 36 | 570 |
Total impaired loans | ||
Unpaid Principal Balance | 37,695 | 32,407 |
Recorded Investment | 31,159 | 29,897 |
Related Allowance | 714 | 3,414 |
Average Recorded Investment | 34,110 | 16,149 |
Interest Income Recognized | 101 | 630 |
Mortgage Portfolio Segment | Multifamily | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 0 | 0 |
Loans with no related allowance, Recorded Investment | 0 | 0 |
Loans with no related allowance, Average Recorded Investment | 0 | 0 |
Loans with no related allowance, Interest Income Recognized | 0 | 0 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 0 | 0 |
Loans with an allowance recorded, Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Average Recorded Investment | 0 | 0 |
Loans with an allowance recorded, Interest Income Recognized | 0 | 0 |
Total impaired loans | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Mortgage Portfolio Segment | Construction | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 2,200 | 0 |
Loans with no related allowance, Recorded Investment | 2,190 | 0 |
Loans with no related allowance, Average Recorded Investment | 2,148 | 0 |
Loans with no related allowance, Interest Income Recognized | 30 | 0 |
Total impaired loans | ||
Unpaid Principal Balance | 2,200 | 0 |
Recorded Investment | 2,190 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,148 | 0 |
Interest Income Recognized | 30 | 0 |
Commercial Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 9,989 | 15,895 |
Loans with no related allowance, Recorded Investment | 7,461 | 14,009 |
Loans with no related allowance, Average Recorded Investment | 7,760 | 12,791 |
Loans with no related allowance, Interest Income Recognized | 26 | 46 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 9,614 | 24,947 |
Loans with an allowance recorded, Recorded Investment | 8,716 | 21,823 |
Loans with an allowance recorded, Average Recorded Investment | 12,198 | 18,620 |
Loans with an allowance recorded, Interest Income Recognized | 221 | 311 |
Total impaired loans | ||
Unpaid Principal Balance | 19,603 | 40,842 |
Recorded Investment | 16,177 | 35,832 |
Related Allowance | 3,604 | 4,715 |
Average Recorded Investment | 19,958 | 31,411 |
Interest Income Recognized | 247 | 357 |
Consumer Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 1,412 | 1,382 |
Loans with no related allowance, Recorded Investment | 880 | 880 |
Loans with no related allowance, Average Recorded Investment | 909 | 7 |
Loans with no related allowance, Interest Income Recognized | 53 | 50 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 423 | 565 |
Loans with an allowance recorded, Recorded Investment | 404 | 551 |
Loans with an allowance recorded, Average Recorded Investment | 411 | 5 |
Loans with an allowance recorded, Interest Income Recognized | 14 | 20 |
Total impaired loans | ||
Unpaid Principal Balance | 1,835 | 1,947 |
Recorded Investment | 1,284 | 1,431 |
Related Allowance | 57 | 39 |
Average Recorded Investment | 1,320 | 12 |
Interest Income Recognized | $ 67 | $ 70 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 1,251,750 | $ 1,959,045 |
2020 | 1,543,509 | 1,490,727 |
2019 | 1,417,019 | 1,155,196 |
2018 | 976,969 | 1,065,179 |
2017 | 888,363 | 796,248 |
Prior to 2017 | 2,804,798 | 2,625,267 |
Revolving Loans | 586,832 | 647,390 |
Revolving loans to term loans | 98,788 | 100,806 |
Total gross loans | 9,568,028 | 9,839,858 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,980 | 2,180 |
2020 | 7,118 | 63,409 |
2019 | 60,973 | 79,404 |
2018 | 68,917 | 93,346 |
2017 | 80,910 | 74,322 |
Prior to 2017 | 218,671 | 242,814 |
Revolving Loans | 25,639 | 42,076 |
Revolving loans to term loans | 6,062 | 8,410 |
Total gross loans | 470,270 | 605,960 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,980 | 1,991 |
2020 | 6,590 | 50,756 |
2019 | 52,755 | 67,198 |
2018 | 32,088 | 53,276 |
2017 | 56,063 | 18,529 |
Prior to 2017 | 84,196 | 119,705 |
Revolving Loans | 4,304 | 24,049 |
Revolving loans to term loans | 3,465 | 5,113 |
Total gross loans | 241,440 | 340,617 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 189 |
2020 | 528 | 12,653 |
2019 | 8,218 | 12,206 |
2018 | 36,829 | 40,070 |
2017 | 24,847 | 55,793 |
Prior to 2017 | 134,475 | 123,109 |
Revolving Loans | 21,335 | 17,975 |
Revolving loans to term loans | 2,597 | 3,296 |
Total gross loans | 228,829 | 265,291 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 52 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 52 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior to 2017 | 0 | |
Revolving Loans | 0 | |
Revolving loans to term loans | 0 | |
Total gross loans | 0 | |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,249,770 | 1,956,865 |
2020 | 1,536,391 | 1,427,318 |
2019 | 1,356,046 | 1,075,792 |
2018 | 908,052 | 971,833 |
2017 | 807,453 | 721,926 |
Prior to 2017 | 2,586,127 | 2,382,453 |
Revolving Loans | 561,193 | 605,314 |
Revolving loans to term loans | 92,727 | 92,396 |
Total gross loans | 9,097,759 | 9,233,898 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 199,446 | 272,022 |
2020 | 246,325 | 155,492 |
2019 | 121,486 | 95,257 |
2018 | 71,177 | 104,164 |
2017 | 79,386 | 121,870 |
Prior to 2017 | 512,198 | 545,897 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,230,018 | 1,294,702 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 164 |
2020 | 0 | 3,375 |
2019 | 0 | 1,669 |
2018 | 280 | 2,221 |
2017 | 1,694 | 2,307 |
Prior to 2017 | 10,720 | 19,798 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 12,694 | 29,534 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 1,211 | 123 |
Prior to 2017 | 589 | 2,759 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,800 | 2,882 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 164 |
2020 | 0 | 3,375 |
2019 | 0 | 1,669 |
2018 | 280 | 2,221 |
2017 | 483 | 2,184 |
Prior to 2017 | 10,131 | 17,039 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 10,894 | 26,652 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 199,446 | 271,858 |
2020 | 246,325 | 152,117 |
2019 | 121,486 | 93,588 |
2018 | 70,897 | 101,943 |
2017 | 77,692 | 119,563 |
Prior to 2017 | 501,478 | 526,099 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 1,217,324 | 1,265,168 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 444,371 | 596,364 |
2020 | 598,059 | 632,077 |
2019 | 628,599 | 432,413 |
2018 | 383,948 | 476,523 |
2017 | 455,928 | 315,260 |
Prior to 2017 | 1,075,194 | 906,212 |
Revolving Loans | 92,530 | 68,650 |
Revolving loans to term loans | 26,055 | 31,167 |
Total gross loans | 3,704,684 | 3,458,666 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 1,797 | 31,173 |
2019 | 30,642 | 37,133 |
2018 | 56,264 | 43,933 |
2017 | 31,323 | 13,226 |
Prior to 2017 | 96,100 | 96,433 |
Revolving Loans | 2,019 | 0 |
Revolving loans to term loans | 0 | 1,045 |
Total gross loans | 218,145 | 222,943 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 1,797 | 29,268 |
2019 | 30,621 | 33,446 |
2018 | 28,757 | 22,838 |
2017 | 23,089 | 3,041 |
Prior to 2017 | 42,003 | 34,992 |
Revolving Loans | 1,094 | 0 |
Revolving loans to term loans | 0 | 1,045 |
Total gross loans | 127,361 | 124,630 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 1,905 |
2019 | 21 | 3,687 |
2018 | 27,507 | 21,095 |
2017 | 8,234 | 10,185 |
Prior to 2017 | 54,097 | 61,441 |
Revolving Loans | 926 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 90,785 | 98,313 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 444,371 | 596,364 |
2020 | 596,262 | 600,904 |
2019 | 597,957 | 395,280 |
2018 | 327,684 | 432,590 |
2017 | 424,605 | 302,034 |
Prior to 2017 | 979,094 | 809,779 |
Revolving Loans | 90,511 | 68,650 |
Revolving loans to term loans | 26,055 | 30,122 |
Total gross loans | 3,486,539 | 3,235,723 |
Multi-Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 74,438 | 291,995 |
2020 | 303,779 | 180,953 |
2019 | 176,961 | 207,717 |
2018 | 192,255 | 172,427 |
2017 | 141,834 | 136,855 |
Prior to 2017 | 485,990 | 488,517 |
Revolving Loans | 2,894 | 3,418 |
Revolving loans to term loans | 1,622 | 2,633 |
Total gross loans | 1,379,773 | 1,484,515 |
Multi-Family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 439 | 682 |
2019 | 1,829 | 19,837 |
2018 | 0 | 3,117 |
2017 | 3,072 | 5,558 |
Prior to 2017 | 1,701 | 1,868 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 288 |
Total gross loans | 7,041 | 31,350 |
Multi-Family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 682 |
2019 | 673 | 19,837 |
2018 | 0 | 3,117 |
2017 | 3,072 | 5,558 |
Prior to 2017 | 279 | 300 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 288 |
Total gross loans | 4,024 | 29,782 |
Multi-Family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 439 | 0 |
2019 | 1,156 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 1,422 | 1,568 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 3,017 | 1,568 |
Multi-Family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Multi-Family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Multi-Family | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 74,438 | 291,995 |
2020 | 303,340 | 180,271 |
2019 | 175,132 | 187,880 |
2018 | 192,255 | 169,310 |
2017 | 138,762 | 131,297 |
Prior to 2017 | 484,289 | 486,649 |
Revolving Loans | 2,894 | 3,418 |
Revolving loans to term loans | 1,622 | 2,346 |
Total gross loans | 1,372,732 | 1,453,165 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 114,736 | 90,768 |
2020 | 158,026 | 250,529 |
2019 | 269,951 | 150,376 |
2018 | 127,313 | 43,839 |
2017 | 9,410 | 1,568 |
Prior to 2017 | 418 | 512 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 5,938 | 4,347 |
Total gross loans | 685,792 | 541,939 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,991 |
2020 | 1,975 | 14,508 |
2019 | 17,622 | 12,186 |
2018 | 2,967 | 615 |
2017 | 7,300 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 29,864 | 29,300 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,991 |
2020 | 1,975 | 14,508 |
2019 | 17,622 | 7,877 |
2018 | 0 | 0 |
2017 | 7,300 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 26,897 | 24,376 |
Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 4,309 |
2018 | 2,967 | 615 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 2,967 | 4,924 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 114,736 | 88,777 |
2020 | 156,051 | 236,021 |
2019 | 252,329 | 138,190 |
2018 | 124,346 | 43,224 |
2017 | 2,110 | 1,568 |
Prior to 2017 | 418 | 512 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 5,938 | 4,347 |
Total gross loans | 655,928 | 512,639 |
Mortgage Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 832,991 | 1,251,149 |
2020 | 1,306,189 | 1,219,051 |
2019 | 1,196,997 | 885,763 |
2018 | 774,693 | 796,953 |
2017 | 686,558 | 575,553 |
Prior to 2017 | 2,073,800 | 1,941,138 |
Revolving Loans | 95,424 | 72,067 |
Revolving loans to term loans | 33,615 | 38,148 |
Total gross loans | 7,000,267 | 6,779,822 |
Mortgage Portfolio Segment | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 2,155 |
2020 | 4,211 | 49,738 |
2019 | 50,093 | 70,825 |
2018 | 59,511 | 49,886 |
2017 | 43,389 | 21,091 |
Prior to 2017 | 108,521 | 118,099 |
Revolving Loans | 2,019 | 0 |
Revolving loans to term loans | 0 | 1,333 |
Total gross loans | 267,744 | 313,127 |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 1,991 |
2020 | 3,772 | 44,458 |
2019 | 48,916 | 61,160 |
2018 | 28,757 | 25,955 |
2017 | 34,672 | 8,722 |
Prior to 2017 | 42,871 | 38,051 |
Revolving Loans | 1,094 | 0 |
Revolving loans to term loans | 0 | 1,333 |
Total gross loans | 160,082 | 181,670 |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 164 |
2020 | 439 | 5,280 |
2019 | 1,177 | 9,665 |
2018 | 30,754 | 23,931 |
2017 | 8,717 | 12,369 |
Prior to 2017 | 65,650 | 80,048 |
Revolving Loans | 926 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 107,663 | 131,457 |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 832,991 | 1,248,994 |
2020 | 1,301,978 | 1,169,313 |
2019 | 1,146,904 | 814,938 |
2018 | 715,182 | 747,067 |
2017 | 643,169 | 554,462 |
Prior to 2017 | 1,965,279 | 1,823,039 |
Revolving Loans | 93,405 | 72,067 |
Revolving loans to term loans | 33,615 | 36,815 |
Total gross loans | 6,732,523 | 6,466,695 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,230,018 | 1,294,702 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 3,704,684 | 3,458,666 |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 1,379,773 | 1,484,515 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans | 685,792 | 541,939 |
Commercial Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 399,499 | 695,125 |
2020 | 231,599 | 221,019 |
2019 | 193,209 | 214,457 |
2018 | 179,646 | 222,458 |
2017 | 184,883 | 192,216 |
Prior to 2017 | 623,304 | 538,915 |
Revolving Loans | 373,868 | 436,944 |
Revolving loans to term loans | 48,011 | 46,335 |
Total gross loans | 2,234,020 | 2,567,470 |
Commercial Loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,980 | 0 |
2020 | 2,907 | 13,619 |
2019 | 10,863 | 8,565 |
2018 | 9,287 | 43,390 |
2017 | 37,441 | 50,291 |
Prior to 2017 | 109,033 | 123,186 |
Revolving Loans | 23,613 | 39,536 |
Revolving loans to term loans | 5,999 | 5,635 |
Total gross loans | 201,122 | 284,222 |
Commercial Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 1,980 | 0 |
2020 | 2,818 | 6,295 |
2019 | 3,839 | 6,038 |
2018 | 3,331 | 27,251 |
2017 | 21,391 | 9,779 |
Prior to 2017 | 41,325 | 81,355 |
Revolving Loans | 3,210 | 22,745 |
Revolving loans to term loans | 3,465 | 3,617 |
Total gross loans | 81,359 | 157,080 |
Commercial Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 89 | 7,324 |
2019 | 7,024 | 2,527 |
2018 | 5,956 | 16,139 |
2017 | 16,050 | 40,512 |
Prior to 2017 | 67,708 | 41,831 |
Revolving Loans | 20,403 | 16,738 |
Revolving loans to term loans | 2,534 | 2,018 |
Total gross loans | 119,764 | 127,090 |
Commercial Loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 52 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 52 |
Commercial Loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Commercial Loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 397,519 | 695,125 |
2020 | 228,692 | 207,400 |
2019 | 182,346 | 205,892 |
2018 | 170,359 | 179,068 |
2017 | 147,442 | 141,925 |
Prior to 2017 | 514,271 | 415,729 |
Revolving Loans | 350,255 | 397,408 |
Revolving loans to term loans | 42,013 | 40,700 |
Total gross loans | 2,032,897 | 2,283,247 |
Consumer Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 19,260 | 12,771 |
2020 | 5,721 | 50,657 |
2019 | 26,813 | 54,976 |
2018 | 22,630 | 45,768 |
2017 | 16,922 | 28,479 |
Prior to 2017 | 107,694 | 145,214 |
Revolving Loans | 117,540 | 138,378 |
Revolving loans to term loans | 17,162 | 16,323 |
Total gross loans | 333,741 | 492,566 |
Consumer Loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 25 |
2020 | 0 | 52 |
2019 | 17 | 14 |
2018 | 119 | 70 |
2017 | 80 | 2,940 |
Prior to 2017 | 1,117 | 1,529 |
Revolving Loans | 7 | 2,540 |
Revolving loans to term loans | 63 | 1,441 |
Total gross loans | 1,403 | 8,611 |
Consumer Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 3 |
2019 | 0 | 0 |
2018 | 0 | 70 |
2017 | 0 | 28 |
Prior to 2017 | 0 | 299 |
Revolving Loans | 0 | 1,304 |
Revolving loans to term loans | 0 | 163 |
Total gross loans | 0 | 1,867 |
Consumer Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 25 |
2020 | 0 | 49 |
2019 | 17 | 14 |
2018 | 119 | 0 |
2017 | 80 | 2,912 |
Prior to 2017 | 1,117 | 1,230 |
Revolving Loans | 7 | 1,236 |
Revolving loans to term loans | 63 | 1,278 |
Total gross loans | 1,403 | 6,744 |
Consumer Loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Consumer Loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior to 2017 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total gross loans | 0 | 0 |
Consumer Loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 19,260 | 12,746 |
2020 | 5,721 | 50,605 |
2019 | 26,796 | 54,962 |
2018 | 22,511 | 45,698 |
2017 | 16,842 | 25,539 |
Prior to 2017 | 106,577 | 143,685 |
Revolving Loans | 117,533 | 135,839 |
Revolving loans to term loans | 17,098 | 14,881 |
Total gross loans | $ 332,339 | $ 483,955 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Savings | $ 1,428,630 | $ 1,348,147 |
Money market | 2,461,688 | 2,245,412 |
NOW | 3,558,816 | 2,808,637 |
Non-interest bearing | 2,606,983 | 2,341,459 |
Certificates of deposit | 780,504 | 1,094,174 |
Total deposits | $ 10,836,621 | $ 9,837,829 |
Borrowed Funds - Schedule of Bo
Borrowed Funds - Schedule of Borrowed Funds (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 114,004 | $ 99,936 |
FHLB line of credit | 0 | 25,000 |
FHLB advances | 503,371 | 1,051,036 |
Borrowed funds | $ 617,375 | $ 1,175,972 |
Borrowed Funds - Scheduled FHLB
Borrowed Funds - Scheduled FHLB Advances (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Due in one year or less | $ 347,623 | |
Due after one year through two years | 58,589 | |
Due after two years through three years | 22,899 | |
Due after three years through four years | 74,260 | |
Due after four years through five years | 0 | |
Thereafter | 0 | |
Total FHLB advances | $ 503,371 | $ 1,051,036 |
Borrowed Funds - Scheduled Secu
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total securities sold under repurchase agreements | $ 114,004 | $ 99,936 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 114,004 | |
Due after one year through two years | 0 | |
Due after two years through three years | 0 | |
Due after three years through four years | 0 | |
Due after four years through five years | 0 | |
Thereafter | 0 | |
Total securities sold under repurchase agreements | $ 114,004 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, maximum balance | $ 123,415,000 | $ 115,233,000 |
FHLB line of credit, maximum balance | 0 | 422,000,000 |
FHLB advances, maximum balance | 941,939,000 | 1,177,083,000 |
Securities sold under repurchase agreements, average balance | 112,838,000 | 86,194,000 |
FHLB line of credit, average balance | 275,000 | 97,853,000 |
FHLB advances, average balance | $ 731,127,000 | $ 1,045,282,000 |
Securities sold under repurchase agreements, weighted average interest rate | 0.05% | 0.28% |
FHLB line of credit, weighted average interest rate | 0.34% | 1.09% |
FHLB advances, weighted average interest rate | 1.30% | 1.49% |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||||||
Interest expense, borrowings | $ 1.8 | $ 3.9 | $ 7.1 | $ 13.1 | ||
Available-for-sale Securities | ||||||
Debt Instrument [Line Items] | ||||||
Securities Sold Under Repurchase Agreements | $ 129.7 | $ 105.1 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | Sep. 30, 2021 | Jan. 01, 2007 | Sep. 30, 2021 | Dec. 31, 2002 |
Retirement Benefits [Abstract] | ||||
Service period for employees of coverage age, years (at least) | 1 year | |||
Defined benefit plan, percentage vested | 100.00% | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | ||
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 198 | 250 | 594 | 750 |
Expected return on plan assets | (807) | (737) | (2,421) | (2,211) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | 118 | 174 | 354 | 522 |
Net periodic (decrease) increase in benefit cost | (491) | (313) | (1,473) | (939) |
Other post-retirement benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 8 | 19 | 26 | 59 |
Interest cost | 106 | 178 | 318 | 534 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | (267) | (62) | (803) | (186) |
Net periodic (decrease) increase in benefit cost | $ (153) | $ 135 | $ (459) | $ 407 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for credit losses for off-balance sheet credit exposure | $ 7,200 | $ 7,200 | $ 5,000 | $ 0 | ||
Retained earnings | 794,713 | 794,713 | $ 718,090 | |||
Credit loss expense (reversal) for off balance sheet credit exposures | $ 980 | $ (575) | $ 2,155 | $ 5,714 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||||
Accounting Standards Update 2016-13 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Provision for credit losses for off-balance sheet credit exposure | 3,200 | |||||
Accounting Standards Update 2016-13, Effect On Off-Balance Sheet Items | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $ 2,400 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) $ in Millions | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ | $ 47.6 | $ 114.3 |
Minimum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.05 | |
Foreclosed assets, measurement input | 0.05 | |
Maximum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.10 | |
Foreclosed assets, measurement input | 0.10 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | $ 1,918,473 | $ 1,105,489 |
Equity securities | 1,267 | 971 |
Derivative assets | 76,919 | 109,114 |
Derivative Liability | 78,212 | 117,597 |
Foreclosed assets | 1,619 | 4,475 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 99,522 | 1,009 |
Equity securities | 1,267 | 971 |
Derivative assets | 0 | 0 |
Derivative Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,818,951 | 1,104,480 |
Equity securities | 0 | 0 |
Derivative assets | 76,223 | 101,079 |
Derivative Liability | 77,039 | 109,148 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative Liability | 0 | 0 |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 1,009 |
Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | ||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | ||
State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Corporate obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
Equity securities | 1,267 | 971 |
Derivative assets | 76,223 | 101,079 |
Total assets acquired | 1,995,963 | 1,207,539 |
Derivative Liability | 77,039 | 109,148 |
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 99,522 | 1,009 |
Equity securities | 1,267 | 971 |
Derivative assets | 0 | 0 |
Total assets acquired | 100,789 | 1,980 |
Derivative Liability | 0 | 0 |
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,818,951 | 1,104,480 |
Equity securities | 0 | 0 |
Derivative assets | 76,223 | 101,079 |
Total assets acquired | 1,895,174 | 1,205,559 |
Derivative Liability | 77,039 | 109,148 |
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets acquired | 0 | 0 |
Derivative Liability | 0 | 0 |
Measured on a Recurring Basis | U.S. Treasury obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 99,522 | |
Measured on a Recurring Basis | U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 99,522 | |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | Agency Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,009 | |
Measured on a Recurring Basis | Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,009 | |
Measured on a Recurring Basis | Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | |
Measured on a Recurring Basis | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Measured on a Recurring Basis | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Measured on a Recurring Basis | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Measured on a Recurring Basis | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Measured on a Recurring Basis | State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Measured on a Recurring Basis | State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Measured on a Recurring Basis | Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Recurring Basis | Corporate obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Measured on a Recurring Basis | Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities, at fair value | 0 | 0 |
Measured on a Non-Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets acquired | 33,366 | 30,725 |
Loans measured for impairment based on the fair value of the underlying collateral | 31,747 | 26,250 |
Foreclosed assets | 1,619 | 4,475 |
Measured on a Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets acquired | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets acquired | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets acquired | 33,366 | 30,725 |
Loans measured for impairment based on the fair value of the underlying collateral | 31,747 | 26,250 |
Foreclosed assets | $ 1,619 | $ 4,475 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and cash equivalents | $ 505,289 | $ 532,353 |
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
Investment securities held to maturity, fair value | 441,888 | 472,529 |
Federal Home Loan Bank stock | 34,044 | 59,489 |
Equity securities | 1,267 | 971 |
Loans, net of allowance for credit losses | 9,474,567 | 9,721,424 |
Derivative assets | 76,919 | 109,114 |
Financial liabilities: | ||
Certificates of deposit | 780,504 | 1,094,174 |
Total deposits | 10,836,621 | 9,837,829 |
Borrowed funds | 617,375 | 1,175,972 |
Subordinated debentures | 25,249 | 25,135 |
Derivative Liability | 78,212 | 117,597 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 505,289 | 532,353 |
Available for sale debt securities, at fair value | 99,522 | 1,009 |
Investment securities held to maturity, fair value | 9,942 | 7,601 |
Federal Home Loan Bank stock | 34,044 | 59,489 |
Equity securities | 1,267 | 971 |
Loans, net of allowance for credit losses | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 10,056,117 | 8,743,655 |
Certificates of deposit | 0 | 0 |
Total deposits | 10,056,117 | 8,743,655 |
Borrowed funds | 0 | 0 |
Subordinated debentures | 0 | 0 |
Derivative Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 1,818,951 | 1,104,480 |
Investment securities held to maturity, fair value | 431,946 | 464,928 |
Federal Home Loan Bank stock | 0 | 0 |
Equity securities | 0 | 0 |
Loans, net of allowance for credit losses | 0 | 0 |
Derivative assets | 76,223 | 101,079 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 782,364 | 1,097,993 |
Total deposits | 782,364 | 1,097,993 |
Borrowed funds | 619,821 | 1,193,024 |
Subordinated debentures | 29,548 | 24,375 |
Derivative Liability | 77,039 | 109,148 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Equity securities | 0 | 0 |
Loans, net of allowance for credit losses | 9,630,317 | 9,969,330 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
Total deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Subordinated debentures | 0 | 0 |
Derivative Liability | 0 | 0 |
U.S. Treasury obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 99,522 | |
U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 99,522 | 0 |
U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 1,009 |
Investment securities held to maturity, fair value | 9,942 | 7,601 |
Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Investment securities held to maturity, fair value | 30 | 64 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Investment securities held to maturity, fair value | 30 | 64 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Asset-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | ||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | ||
State and municipal obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Investment securities held to maturity, fair value | 422,320 | 455,039 |
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Investment securities held to maturity, fair value | 422,320 | 455,039 |
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Investment securities held to maturity, fair value | 9,596 | 9,825 |
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Corporate obligations | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Investment securities held to maturity, fair value | 9,596 | 9,825 |
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 0 |
Investment securities held to maturity, fair value | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 505,289 | 532,353 |
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
Investment securities held to maturity, fair value | 427,039 | 450,965 |
Federal Home Loan Bank stock | 34,044 | 59,489 |
Equity securities | 1,267 | 971 |
Loans, net of allowance for credit losses | 9,474,567 | 9,721,424 |
Derivative assets | 76,223 | 101,079 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 10,056,117 | 8,743,655 |
Certificates of deposit | 780,504 | 1,094,174 |
Total deposits | 10,836,621 | 9,837,829 |
Borrowed funds | 617,375 | 1,175,972 |
Subordinated debentures | 25,249 | 25,135 |
Derivative Liability | 77,039 | 109,148 |
Carrying Value | U.S. Treasury obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 99,522 | |
Carrying Value | Agency Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 1,009 |
Investment securities held to maturity, fair value | 9,996 | 7,600 |
Carrying Value | Mortgage-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Investment securities held to maturity, fair value | 29 | 62 |
Carrying Value | Asset-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Carrying Value | State and municipal obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Investment securities held to maturity, fair value | 407,397 | 433,589 |
Carrying Value | Corporate obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Investment securities held to maturity, fair value | 9,617 | 9,714 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 505,289 | 532,353 |
Available for sale debt securities, at fair value | 1,918,473 | 1,105,489 |
Investment securities held to maturity, fair value | 441,888 | 472,529 |
Federal Home Loan Bank stock | 34,044 | 59,489 |
Equity securities | 1,267 | 971 |
Loans, net of allowance for credit losses | 9,630,317 | 9,969,330 |
Derivative assets | 76,223 | 101,079 |
Financial liabilities: | ||
Deposits other than certificates of deposits | 10,056,117 | 8,743,655 |
Certificates of deposit | 782,364 | 1,097,993 |
Total deposits | 10,838,481 | 9,841,648 |
Borrowed funds | 619,821 | 1,193,024 |
Subordinated debentures | 29,548 | 24,375 |
Derivative Liability | 77,039 | 109,148 |
Fair Value | U.S. Treasury obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 99,522 | 0 |
Fair Value | Agency Obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 0 | 1,009 |
Investment securities held to maturity, fair value | 9,942 | 7,601 |
Fair Value | Mortgage-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 1,663,061 | 938,413 |
Investment securities held to maturity, fair value | 30 | 64 |
Fair Value | Asset-backed securities | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 47,880 | 53,830 |
Fair Value | State and municipal obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 69,484 | 71,258 |
Investment securities held to maturity, fair value | 422,320 | 455,039 |
Fair Value | Corporate obligations | ||
Financial assets: | ||
Available for sale debt securities, at fair value | 38,526 | 40,979 |
Investment securities held to maturity, fair value | $ 9,596 | $ 9,825 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | $ (10,765) | $ (578) | $ (19,630) | $ 20,733 |
Reclassification adjustment for gains included in net income | 0 | 0 | (230) | 0 |
Total | (10,765) | (578) | (19,860) | 20,733 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 2,382 | 1,186 | 6,959 | (8,242) |
Amortization related to post-retirement obligations | (138) | 115 | (435) | 322 |
Total other comprehensive (loss) income | (8,521) | 723 | (13,336) | 12,813 |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | 2,775 | 150 | 5,061 | (5,345) |
Reclassification adjustment for gains included in net income | 0 | 0 | 59 | 0 |
Total | 2,775 | 150 | 5,120 | (5,345) |
Unrealized gains (losses) on derivatives (cash flow hedges) | (614) | (306) | (1,794) | 2,125 |
Amortization related to post-retirement obligations | 35 | (30) | 112 | (83) |
Total other comprehensive (loss) income | 2,196 | (186) | 3,438 | (3,303) |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized (losses) gains arising during the period | (7,990) | (428) | (14,569) | 15,388 |
Reclassification adjustment for gains included in net income | 0 | 0 | (171) | 0 |
Total | (7,990) | (428) | (14,740) | 15,388 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 1,768 | 880 | 5,165 | (6,117) |
Amortization related to post-retirement obligations | (103) | 85 | (323) | 239 |
Total other comprehensive (loss) income | $ (6,325) | $ 537 | $ (9,898) | $ 9,510 |
Other Comprehensive Income (C_2
Other Comprehensive Income (Components of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,677,634 | $ 1,410,407 | $ 1,619,797 | $ 1,413,840 |
Current - period other comprehensive (loss) income | (6,325) | 537 | (9,898) | 9,510 |
Ending Balance | 1,679,424 | 1,601,569 | 1,679,424 | 1,601,569 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 14,082 | 12,794 | 17,655 | 3,821 |
Current - period other comprehensive (loss) income | (6,325) | 537 | (9,898) | 9,510 |
Ending Balance | 7,757 | 13,331 | 7,757 | 13,331 |
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 16,940 | 24,562 | 23,690 | 8,746 |
Current - period other comprehensive (loss) income | (7,990) | (428) | (14,740) | 15,388 |
Ending Balance | 8,950 | 24,134 | 8,950 | 24,134 |
Post- Retirement Obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (1,301) | (5,086) | (1,081) | (5,240) |
Current - period other comprehensive (loss) income | (103) | 85 | (323) | 239 |
Ending Balance | (1,404) | (5,001) | (1,404) | (5,001) |
Unrealized (Losses) Gains on Derivatives (cash flow hedges) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (1,557) | (6,682) | (4,954) | 315 |
Current - period other comprehensive (loss) income | 1,768 | 880 | 5,165 | (6,117) |
Ending Balance | $ 211 | $ (5,802) | $ 211 | $ (5,802) |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Compensation and employee benefits | $ (37,554) | $ (35,700) | $ (107,737) | $ (96,095) |
Net gain on securities transactions | 27 | 0 | 257 | 55 |
Income tax expense | (12,913) | (9,285) | (44,417) | (18,257) |
Total reclassification | 37,268 | 27,143 | 130,618 | 56,384 |
Reclassification adjustment | Post- Retirement Obligations | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Compensation and employee benefits | (149) | 112 | (449) | 336 |
Income tax expense | 38 | (27) | 119 | (97) |
Total reclassification | $ (111) | $ 85 | (330) | 239 |
Reclassification adjustment | Unrealized Gains (Losses) on Available for Sale Debt Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net gain on securities transactions | (230) | 0 | ||
Income tax expense | 59 | 0 | ||
Total reclassification | $ (171) | $ 0 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($)counterpartyinstrument | Dec. 31, 2020USD ($)instrument | |
Derivative [Line Items] | ||
Amount of collateral | $ 46,895,000 | $ 113,620,000 |
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | 3,300,000 | |
Notional amount | $ 600,000,000 | |
Number of counterparties | counterparty | 4 | |
Counterparty in liability position | counterparty | 4 | |
Derivative liability, termination value | $ 50,000,000 | |
Collateral against obligations | 46,900,000 | |
Derivatives Not Designated as a Hedging Instruments | ||
Derivative [Line Items] | ||
Credit derivatives, fair value | $ 106,500 | $ 97,000 |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 170 | 172 |
Derivative notional amount | $ 2,550,000,000 | $ 2,630,000,000 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 13 | |
Derivative notional amount | $ 140,700,000 | $ 121,700,000 |
Amount of collateral | $ 650,000 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 14 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | $ 76,919 | $ 109,114 |
Liability Derivative, Fair value | 78,212 | 117,597 |
Derivatives Not Designated as a Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | 71,886 | 107,749 |
Liability Derivative, Fair value | 72,987 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Other assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | 71,779 | 107,652 |
Derivatives Not Designated as a Hedging Instruments | Other assets | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | 107 | 97 |
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative, Fair value | 72,947 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative, Fair value | 40 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | 4,337 | (6,671) |
Liability Derivative, Fair value | 4,052 | 0 |
Designated as Hedging Instrument | Other assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivative, Fair value | 4,337 | (6,671) |
Designated as Hedging Instrument | Other liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivative, Fair value | $ 4,052 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivatives Not Designated as a Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ 172 | $ 486 | $ 296 | $ (563) |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | 191 | 26 | 268 | (1,022) |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | Other income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | (19) | 460 | 28 | 459 |
Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | 1,030 | 855 | 2,856 | 875 |
Designated as Hedging Instrument | Interest rate products | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ 1,030 | $ 855 | $ 2,856 | $ 875 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Offset Fair Value and Notional Amount) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Asset Derivatives | ||
Total gross derivative amounts recognized on the balance sheet | $ 76,919 | $ 109,114 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 76,919 | 109,114 |
Financial instruments - institutional counterparties | 16,195 | 928 |
Cash collateral - institutional counterparties | 0 | 0 |
Net derivatives not offset | 60,724 | 108,186 |
Liability Derivatives | ||
Notional Amount | 600,000 | |
Total gross derivative amounts recognized on the balance sheet | 78,212 | 117,597 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 78,212 | 117,597 |
Financial instruments - institutional counterparties | 16,195 | 928 |
Cash Collateral | 46,895 | 113,620 |
Net derivatives not offset | 15,122 | 3,049 |
Derivatives Not Designated as a Hedging Instruments | ||
Asset Derivatives | ||
Fair Value | 72,618 | 108,616 |
Total gross derivative amounts recognized on the balance sheet | 71,886 | 107,749 |
Liability Derivatives | ||
Fair Value | 73,719 | 110,015 |
Total gross derivative amounts recognized on the balance sheet | 72,987 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Liability Derivatives | ||
Cash Collateral | 650 | |
Derivatives Not Designated as a Hedging Instruments | Other assets | Interest rate products | ||
Asset Derivatives | ||
Notional Amount | 1,272,593 | 1,316,163 |
Fair Value | 72,511 | 108,519 |
Total gross derivative amounts recognized on the balance sheet | 71,779 | 107,652 |
Derivatives Not Designated as a Hedging Instruments | Other assets | Credit contracts | ||
Asset Derivatives | ||
Notional Amount | 47,712 | 47,745 |
Fair Value | 107 | 97 |
Total gross derivative amounts recognized on the balance sheet | 107 | 97 |
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | 1,272,593 | 1,316,163 |
Fair Value | 73,679 | 109,957 |
Total gross derivative amounts recognized on the balance sheet | 72,947 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Other liabilities | Credit contracts | ||
Liability Derivatives | ||
Notional Amount | 92,950 | 73,954 |
Fair Value | 40 | 58 |
Total gross derivative amounts recognized on the balance sheet | 40 | 0 |
Designated as Hedging Instrument | ||
Asset Derivatives | ||
Total gross derivative amounts recognized on the balance sheet | 4,337 | (6,671) |
Liability Derivatives | ||
Total gross derivative amounts recognized on the balance sheet | 4,052 | 0 |
Designated as Hedging Instrument | Other assets | Interest rate products | ||
Asset Derivatives | ||
Notional Amount | 250,000 | 175,000 |
Fair Value | 4,301 | 498 |
Total gross derivative amounts recognized on the balance sheet | 4,337 | (6,671) |
Designated as Hedging Instrument | Other liabilities | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | 350,000 | 425,000 |
Fair Value | 4,493 | 7,582 |
Total gross derivative amounts recognized on the balance sheet | $ 4,052 | $ 0 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Percentage of total revenue excluded from adoption of 606 | 81.00% | 81.90% | 82.00% | 83.50% |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 14,177 | $ 12,724 | $ 43,677 | $ 32,473 |
Total out-of-scope non-interest income | 9,185 | 7,902 | 22,479 | 19,509 |
Total non-interest income | 23,362 | 20,626 | 66,156 | 51,982 |
Wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 7,921 | 6,847 | 22,914 | 19,075 |
Insurance agency income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,433 | 1,711 | 8,009 | 1,711 |
Banking service charges and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 3,823 | 4,166 | 12,754 | 11,687 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 2,910 | 2,473 | 7,965 | 7,520 |
Debit card and ATM fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 913 | $ 1,693 | $ 4,789 | $ 4,167 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 48,491 | $ 41,142 |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Operating lease liabilities | $ 49,630 | $ 42,042 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Leases (Additional Information)
Leases (Additional Information) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Weighted-average remaining lease term | 9 years 1 month 6 days | |
Weighted-average discount rate | 2.80% | |
Operating Lease, Right-of-Use Asset | $ 48,491 | $ 41,142 |
Operating lease liabilities | 49,630 | $ 42,042 |
Woodbridge, NJ | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 10,000 | |
Operating lease liabilities | $ 10,000 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Lease Cost Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,417 | $ 2,303 | $ 7,559 | $ 6,565 |
Variable lease cost | 728 | 754 | 2,247 | 2,085 |
Total lease cost | $ 3,145 | $ 3,057 | 9,806 | 8,650 |
Operating cash flows from operating leases | $ 6,861 | $ 6,528 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 2,081 | |
2022 | 7,351 | |
2023 | 7,102 | |
2024 | 6,720 | |
2025 | 6,154 | |
Thereafter | 27,405 | |
Total future minimum lease payments | 56,813 | |
Amounts representing interest | 7,183 | |
Present value of net future minimum lease payments | $ 49,630 | $ 42,042 |
Uncategorized Items - pfs-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |